Media releases

Conclusion of Bond Process

Tuesday, 5 July 2022

Cell C's secured lenders, who formerly held publicly listed bonds or notes, have voted with the requisite quorum and majority in favour of the compromise cash out offer of 20c for every R1 of debt.  This marks a critical milestone in the financial restructuring and recapitalisation of the mobile operator.

The listed notes (U.S.$184,002,000) are a portion of Cell C's overall debt of c.ZAR 7.3 billion owed to secured lenders.

Says Douglas Craigie Stevenson, Cell C CEO; "This is a significant step in the overall process to deleverage Cell C's balance sheet. It shows confidence in our new business strategy and with the overall debt reduced and simplified; we are set to compete as a sustainable entity going forward."

The final steps to concluding the overall transaction involve the signing of CP's and long form agreements and this is expected to be concluded in a matter of weeks   

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