Repayment of remaining $550m bond achieving a zero-debt position at HoldCo
At the time of the IPO in June 2019, the Group had $2,719m of external debt at HoldCo which resulted in significant exposure to currency fluctuations and the reliance on upstreaming funds to cover both interest costs and the principal repayment.
![Repayment of remaining $550m bond achieving a zero-debt position at HoldCo](https://www.psuconnect.in/sdsdsd/bharti_airtel.jpg)
London and Lagos: Airtel Africa, a leading provider of telecommunications and mobile money services across Africa, confirms that its subsidiary, Bharti Airtel International (Netherlands) B.V., has repaid in full the 5.35% Guaranteed Senior Notes maturing on 20 May 2024. This bond repayment of $550m has been made exclusively out of cash reserves at the holding company (HoldCo) and is a continuation of its strategy to reduce external foreign currency debt.
Read Also : R.K. Chaudhary, CMD, NHPC met Chowna Mein, Hon’ble Dy. CM, Arunachal PradeshAt the time of the IPO in June 2019, the Group had $2,719m of external debt at HoldCo which resulted in significant exposure to currency fluctuations and the reliance on upstreaming funds to cover both interest costs and the principal repayment. Through a consistent execution of its strategy supporting strong free cash flow generation, and continued upstreaming success, the Group has been reducing Holdco debt over the past few years and has now reached the significant milestone of a zero-debt position at HoldCo.
Read Also : State Coal Minister inaugurates new solar plant at CCL’s Piparwar AreaThe current leverage and capital structure is a reflection of the Group’s successful capital allocation strategy that has been in place since our IPO, and it will aim to continue reducing foreign currency debt obligations across its OpCo’s.
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