Denis O'Brien's Caribbean mobile phone company Digicel today said that it has completed a $408m syndicated funding agreement, led by Citigroup in New York.
The company said the funding will be used for the rapid acceleration of the company's aggressive expansion strategy in the Caribbean.
Digicel operates in seven countries, including Aruba, Barbados, The Cayman Islands, Grenada, Jamaica, St Lucia, St Vincent and the Grenadines. It is the largest GSM mobile operator in the region with an average market share of 60%.
The company is currently planning to move into other Caribbean countries and is currently one of five operators involved in a telecom licence selection process in Trinidad and Tobago.
'This is a most significant milestone for Digicel. We are now strategically positioned to move to the next phase of our expansion,' commented Chairman Denis O'Brien.
