Digicel again receives consents for grace period for 6¾% notes

By William Gullotti

Buffalo, N.Y., March 31 – Digicel Ltd. received the required consents from holders of its 6¾% senior notes due March 1, 2023 to effect some amendments to the note indenture that provide for a 15-day grace period before a default in the payment of interest, certain additional amounts, principal or premium related to the notes constitutes an event of default, according to a press release on Friday.

The grace period includes the option for a further 15-day extension, provided a majority of holders consent.

The latest consents and permitted grace period follow the previously reported 30-day grace period approved March 1.

The most recent consent solicitation expired at 5 p.m. ET on March 30, also reportedly receiving consents representing about 88% of the total principal amount of the notes as with the first approved grace period.

Epiq Corporate Restructuring, LLC was the information and tabulation agent.

Digicel, based in Kingston, Jamaica, is a Caribbean mobile phone network and home entertainment provider.

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