Blue Label Telecoms created five special purpose vehicles , dubbed SPV1 to SPV5, as part of Cell C’s two recapitalisation transactions between 2017 and 2022.
“The recapitalisation of Cell C will enhance the value of Blue Label’s shareholding and restore its shareholder value,” Blue Label said. SPV1 assumed the debt of European Bond Holders, SPV2 took over the debt of Chinese Lenders , and SPV3 assumed the debt of South African lenders.Cell C’s 2022 recapitalisation
The shares in SPV4 are held by Albanta Trading 109 Proprietary Limited, which is a subsidiary of the Believe Trust – a trust established by Cell C for the benefit of Cell C employees. On 2 August 2017, TPC purchased Bond notes issued by SPV1 from Saudi Oger with a capital redemption value of $42 million and with a coupon rate of 8.625% per annum for a purchase consideration of $18 million.
As part of the restructuring of the debt into Cell C by third-party lenders, TPC was required to provide liquidity support to SPV2 of up to $80 million.
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