Batelco Group, the international Telecommunications Group with operations across 14 countries, announced the successful completion of a tender offer of up to $200 million to repurchase a portion of the Guaranteed Notes due 2020 issued by Batelco International Finance No.1 Limited.
The transaction, led by Citigroup and Standard Chartered Bank, was launched on 24 March 2014 through an invitation to holders of the Notes to submit offers to sell their Notes to Batelco for cash. As at the offer expiration on 31 March 2014, an aggregate principle amount of Notes equal to USD136,097,000 had been tendered. Batelco has accepted for purchase an aggregate principal amount of $131,426,000 of the Notes at a purchase price of USD1,000 per USD1,000 principal amount. All Notes validly tendered at or below the purchase price have been accepted in full and will be cancelled.
Batelco will also pay accrued interest on the Notes accepted for purchase and settlement is expected to occur on 4 April 2014.
This important transaction has afforded Batelco the opportunity to deploy excess liquidity in managing debt levels and realizing future interest savings and demonstrates the Group’s commitment and focus on maintaining our financial discipline.