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Digicel Group sets terms for IPO
Digicel, which is set to list on the New York Stock Exchange, plans to use the proceeds to repay as much as $1.3 billion of debt, it said.
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New York Stock Exchange. It expects to retire up to $1.3 billion in debt after the IPO.
The IPO will also see the issuing of 193 million Class B common shares to the firm’s founder and chairman Denis O’Brien. This would mean a maximum of $2.3bn could be raised. If it hits the upper end of the share price range, the company would be valued at up to $11.9 billion.
Bermuda-based Digicel provides wireless and business communication services, as well as cable TV and broadband service throughout the Caribbean and South Pacific. At the midpoint of the proposed range, Digicel Group would command a fully diluted market value of $4.6 billion.
It said today that it would sell 124.1 million Class A shares in the IPO.
It reported a loss of $157.6 million on revenue of $2.79 billion for the year ended March 31, compared with a profit of $43.5 million on revenue of $2.75 billion a year earlier.
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He later sold Esat Telecom before launching Digicel in Jamaica in 2001.