Batelco to buy back third of 2020 bonds
Batelco plans to buy back a third of outstanding bonds due in 2020, using excess liquidity from a scrapped acquisition to lower its debt servicing costs, Reuters has reported. The Bahraini telecoms operator offered to buy back up to $200m in principal amount of its 4.25%, $604.4m guaranteed notes maturing in 2020, with the price being determined through a modified Dutch auction process. Batelco began buying back its 2020 notes, through which it originally raised $650m, in November. The company’s annual results show $39.5m worth of the notes was bought back as of December 31.