Repayment of remaining $550m bond achieving a zero-debt position at HoldCo
At the time of the IPO in June 2019, the Group had $2,719m of external debt at HoldCo which resulted in significant exposure to currency fluctuations and the reliance on upstreaming funds to cover both interest costs and the principal repayment.
London and Lagos: Airtel Africa, a leading provider of telecommunications and mobile money services across Africa, confirms that its subsidiary, Bharti Airtel International (Netherlands) B.V., has repaid in full the 5.35% Guaranteed Senior Notes maturing on 20 May 2024. This bond repayment of $550m has been made exclusively out of cash reserves at the holding company (HoldCo) and is a continuation of its strategy to reduce external foreign currency debt.
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At the time of the IPO in June 2019, the Group had $2,719m of external debt at HoldCo which resulted in significant exposure to currency fluctuations and the reliance on upstreaming funds to cover both interest costs and the principal repayment. Through a consistent execution of its strategy supporting strong free cash flow generation, and continued upstreaming success, the Group has been reducing Holdco debt over the past few years and has now reached the significant milestone of a zero-debt position at HoldCo.
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