KINGSTON, JAMAICA-Digicel Group, a wireless carrier in the Caribbean, raised $300 million in capital through a corporate bond offering. The bond financing was raised through investment banks Citigroup and J.P. Morgan and was priced at a coupon of 9.25 percent with an oversubscription of more than 10 times.
The carrier, which recently bought some Caribbean operations from Cingular Wireless L.L.C., said the new financing will be used to expand services in Trinidad & Tobago, to repay mezzanine and shareholder loans, and to fund the Cingular Wireless assets, which are still pending regulatory approval.
The company has plans to create a pan-Caribbean wireless network. Digicel currently operates in 15 countries in the region. In March, Digicel completed a $408 million syndicated funding agreement led by Citigroup in New York.
