Digicel to enter grace period over interest for three series of notes

By Wendy Van Sickle

Columbus, Ohio, March 30 – Digicel Group Ltd. said that during ongoing constructive and consensual discussions with some of its largest debtholders, its subsidiaries are choosing to take advantage of the 30-day grace period under the relevant indentures of three series of notes.

Interest payments will be deferred on the 8¼% senior notes due 2022 of Digicel Group One Ltd. that was otherwise due on March 30; the 8¼% senior notes due 2022 of Digicel Group Two Ltd. that was otherwise due on March 30; and the 9 1/8% senior cash pay/PIK notes due 2024 of DGL2 that was otherwise due on April 1.

Digicel said in a news release on Monday that it “continues to engage in constructive discussions with certain debtholders regarding potential transactions involving exchanges of existing debt aimed at reducing Digicel's leverage, extending its debt maturities and continuing monetization of its well invested network.”

Based in Kingston, Jamaica, Digicel is a telecommunications and entertainment provider with operations in the Caribbean, Central America and Asia Pacific.

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