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.
This website uses cookies to make the site work, to understand if the site is working well, how it is being used, to connect to social media sites (such as Facebook and Twitter) and to collect information useful to allow us and our partners to provide you with more relevant ads . Some cookies are essential to make the site work, but you can control how we use non-essential cookies at any time by clicking the “ON/OFF” button next to each category. For more information about the cookies used on this site, see Privacy Policy.
Decide which cookies you want to allow.
Strictly Necessary
These cookies are essential in order to enable you to move around our website and use its features, such as accessing secure areas of our website. Without these cookies, any services on our Site you wish to access cannot be provided.
Analytical/performance cookies
Visitors use our website, for instance which pages you go to most often, and if you get error messages from web pages.