Digicel gets holder consents for grace period for 6¾% notes

By Wendy Van Sickle

Columbus, Ohio, March 1 – Digicel Ltd. received the requisite consents from holders of its 6¾% senior notes due March 1, 2023 to effect some amendments to the note indenture that provide for a 30-day grace period before a default in the payment of interest, certain additional amounts, principal or premium related to the notes constitutes an event of default, according to a news release.

The grace period will automatically be extended to 90 days if Digicel enters into a restructuring support agreement with holders of at least a majority of the outstanding notes during the 30-day period.

The solicitation of consents expired at 5 p.m. ET on Feb. 27. By that time consents had been delivered in respect of about 88% of the total principal amount of the notes.

Epiq Corporate Restructuring, LLC was the information and tabulation agent.

Digicel, based in Kingston, Jamaica, is a Caribbean mobile phone network and home entertainment provider.

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