MTN cuts debt with early settlement of $300 million in euro bonds

mtn-cuts-debt-with-early-settlement-of-$300-million-in-euro-bonds

Stock Markets 1 hour ago (Sep 05, 2022 04:52AM ET)

MTN cuts debt with early settlement of 0 million in euro bonds © Reuters. FILE PHOTO: A shopper walks past an MTN shop at a mall in Johannesburg, South Africa, March 2, 2017. REUTERS/Siphiwe Sibeko/File Photo

JOHANNESBURG (Reuters) – South African mobile operator MTN Group has reduced its debt further through early settlement of $300 million in euro bonds with a 2024 maturity date, it said on Monday, as part of efforts to deleverage non-rand debt faster.

“This brings MTN’s dollar-denominated debt down to 35% of total holding company debt on a H1 2022 pro forma basis,” the company said.

MTN Group finance chief Tsholofelo Molefe said the settlement would be funded from available cash balances.

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