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GTH presses ahead with rights issue plans, discloses planned use of proceeds

Global Telecom Holding (GTH) [GTHE.EY] announced further details on the intended capital increase and use of proceeds. The company will raise the EGP11.2bn (USD625mn) through a rights issue of 19.3bn new shares with a par value of EGP0.58/share. GTH said it is planning to direct the net proceeds from the issuance as follows: i) USD118mn in interest payments for USD500mn notes due in 2020 and USD700mn due in 2023; ii) up to USD300mn for refinancing the Bangladesh subsidiary’s USD300mn notes due in 1H19 and/or additional repayment of a portion of the company’s outstanding debt obligations; iii) repayment of USD100mn revolving credit facility (RCF) with VEON Amsterdam; iv) USD40mn in interest payment on RCF with VEON Amsterdam; v) USD91mn of net payables to VEON Group for the provision of technical services; and vi) USD15mn for general corporate purposes.