O’Brien bond offer realises €252m

DIGICEL, Denis O’Brien’s Caribbean mobile operation, has raised $300 million (€252m) in capital through a corporate bond offering, the company said yesterday.

The bond financing was raised through investment banks Citigroup and JP Morgan and was priced at a coupon of 9.25%, with an over-subscription of more than 10 times.

The money will be used to fund expanded services in Trinidad & Tobago, repay existing debt and help pay for the recent acquisition of American mobile giant Cingular Wireless’s Caribbean subsidiary.