Mobile network operator Digicel will purchase $1.25 billion worth of its outstanding debt from bondholders as part of a refinancing programme.

The company is based in the Caribbean and is majority-owned by businessman Denis O'Brien.

It recently raised $1.5 billion in new debt by selling new bonds at more favourable interest rates compared to its outstanding debt.

The company today announced that 82% of the holders of what it calls "toggle" notes due for repayment by the company in 2015 had accepted Digicel's offer to buy them back. 91% of the holders of another class of Digicel bond had also accepted its tender offer.

The total value of acceptances received by the company for the offer was $1.25 billion.

Digicel has 13 million customers across its 30 markets in the Caribbean, Central America and the Pacific.