{"id":65402,"date":"2014-08-11T10:38:38","date_gmt":"2014-08-11T08:38:38","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=65402"},"modified":"2014-08-11T10:45:52","modified_gmt":"2014-08-11T08:45:52","slug":"cell-c-wins-r2-3-billion-debt-approval","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/mobile\/65402\/cell-c-wins-r2-3-billion-debt-approval\/","title":{"rendered":"Cell C wins R2.3 billion debt approval"},"content":{"rendered":"<p>Bondholders of South African mobile operator Cell C have unanimously agreed to a 160 million euro (R2.3 billion) debt restructuring, the company said, allowing it to free up cash for network expansion.<span id=\"midArticle_byline\"><\/span><\/p>\n<p>Cell C, South Africa&#8217;s third-largest mobile carrier, is fighting to take market share from giants Vodacom Group and MTN Group and has embarked on an aggressive pricing strategy to win new customers.<\/p>\n<p>The company last month asked bondholders for permission to delay repayment of 77.4 million euros of senior notes due in July 2015 for three years, after earlier reaching a similar agreement with top shareholder, Saudi Oger, over 82.7 million euros worth of debt.<\/p>\n<p>Cell C said in a statement late on Friday that all of the bondholders have agreed to allow it to push back the maturity on the debt until 2018.<\/p>\n<p>Cell C&#8217;s chief financial officer told Reuters last month the company is looking to spend R2.3 billion ($216 million) on its network this year and a similar amount next year.<\/p>\n<h3 class=\"my-4\">More on Cell C<\/h3>\n<p><a title=\"Cell C reveals new subscriber numbers\" href=\"http:\/\/businesstech.co.za\/news\/mobile\/63917\/cell-c-reveals-new-subscriber-numbers\/\"><strong>Cell C reveals new subscriber numbers<\/strong><\/a><\/p>\n<p><a title=\"Cell C wants debt extension\" href=\"http:\/\/businesstech.co.za\/news\/mobile\/63865\/cell-c-wants-debt-extension\/\"><strong>Cell C wants debt extension<\/strong><\/a><\/p>\n<p><a title=\"Cell C sees record subscribers\" href=\"http:\/\/businesstech.co.za\/news\/mobile\/57377\/cell-c-sees-record-subscribers\/\"><strong>Cell C sees record subscribers<\/strong><\/a><\/p>\n<p><a title=\"When will Cell C be profitable?\" href=\"http:\/\/businesstech.co.za\/news\/mobile\/57417\/when-will-cell-c-be-profitable\/\"><strong><span class=\"item-title\">When will Cell C be profitable?<\/span><\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bondholders of South African mobile operator Cell C have unanimously agreed to a 160 million euro debt restructuring.<\/p>\n","protected":false},"author":7,"featured_media":23679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[34],"tags":[42,26,28,27],"class_list":["post-65402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mobile","tag-cell-c","tag-headline","tag-mtn","tag-vodacom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/65402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=65402"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/65402\/revisions"}],"predecessor-version":[{"id":65412,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/65402\/revisions\/65412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/23679"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=65402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=65402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=65402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}