Cell C extends the maturity of overseas debt

25th July 2014 By: Natasha Odendaal - Creamer Media Senior Deputy Editor

Cell C extends the maturity of overseas debt

Jose Dos Santos
Photo by: Duane Daws

As South Africa’s third-largest mobile operator Cell C reported revenue and subscriber growth during the second quarter of the year, the maturity date of a €160-million senior debt facility has been extended.

CEO Jose Dos Santos said in a statement that the extension would allow Cell C to channel equity and cash generated in the business into its network infrastructure.

Cell C reported a 10.5% year-on-year rise in service revenue during the second quarter, driven by a 59% jump in subscriber growth to 18.1-million as at June 30.

As a part of the transaction, Cell C offered to buy back debt from any bondholder not wanting to extend.