Blue Label Telecoms, the JSE-listed firm that owns 45% of Cell C, is still in talks about recapitalising the debt-laden mobile operator’s balance sheet.
Browsing: Rand Merchant Bank
Blue Label Telecoms said it is still locked in talks over a planned recapitalisation of the debt-laden mobile operator.
Blue Label Telecoms cautioned shareholders on Monday that it remains in talks about a recapitalisation of mobile operator Cell C, in which it holds a 45% stake.
Cell C’s largest shareholder, Blue Label Telecoms, disclosed on Thursday that a term sheet to recapitalise the mobile operator has finally been signed after protracted negotiations.
Remgro said on Monday that it is participating in a the second tranche of a rights offer by CIVH, the parent of fibre telecommunications companies Vumatel and Dark Fibre Africa, aimed at reducing debt.
Cell C is in advanced talks with Rand Merchant Bank and Investec to provide it with about R4-billion rand in fresh capital, according to people familiar with the matter.
South African business confidence has slipped in the first quarter of the year despite easing Covid-19 curbs, a survey showed on Wednesday, highlighting the fragility of the economic recovery.
Vox has secured new debt facilities, lead-arranged by Investec and also involving Standard Bank and Rand Merchant Bank, to allow it to ramp up its deployment of fibre broadband infrastructure.
CIVH, the Remgro-controlled holding company that owns both Vumatel and Dark Fibre Africa, is talking to both local and international investors to raise R6-billion in new funding.
Under the terms of the proposed transaction, existing airtime lenders will provide R4.25-billion in new super-senior debt secured by a significant portion of Cell C’s assets, excluding spectrum, according to sources.