JOHANNESBURG – South African mobile operator Cell C said on Thursday it would look to restructure 77.4 million euros worth of senior debt, a move that could help improve its cash management.
The company said in a statement it would ask bondholders for permission to extend by three years the maturity of senior secured notes due July 2015.
The two tranches of euro-dominated notes have a coupon of 8.625%. Cell C also said it would buy back in cash any of the notes for their principal amount from bondholders who would rather sell than extend the debt.
A spokeswoman for Cell C declined to comment on why the company was restructuring its debt.