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\"<p>A
A billboard for telecommunications company Airtel is seen in Libreville, Gabon's capital, January 16, 2017. REUTERS\/Mike Hutchings\/File Photo<\/span><\/figcaption><\/figure>\n\n\n\nBy David Yong<\/strong>

Bharti Airtel<\/a> Ltd.’s dollar-denominated bonds due in 2023 surged the most in five years after the company offered to buy back the securities at above the market price amid the risk of a rating downgrade.

India’s second-biggest mobile phone carrier will pay $985 per $1,000 principal amount plus accrued interest for any or all of the $1.5 billion of March 2023 notes in the tender offer, according to a company filing over the weekend. The bonds jumped 2.3 cents to 98 cents on the dollar as of 9:00 a.m. in Singapore Monday, paring their loss for the year to 8 cents.

Moody’s Investors Service placed the company’s Baa3 rating on review for a cut to junk grade on Nov. 8 on concern about weak cash flow generation. The review also reflects Bharti Airtel<\/a>’s low levels of profitability, particularly from its operations in India and higher debt levels to fund capital spending, the rating company said.

Analysts at Bank of America Corp. and Wells Fargo had earlier flagged the risk of the company slipping into junk category, citing debt levels and stiff competition in local markets. Bharti has raised more than $1.5 billion from asset sales, including a partial stake sale in its Africa business, to lighten its debt load, the company said.

Stiff Competition<\/strong>
A price war for customers has only worsened since upstart Reliance Jio<\/a> Infocomm Ltd. debuted with free services in 2016, a knock-out blow for several smaller carriers that were forced to quit the business or merge. Bharti slipped to No. 2 last quarter, overtaken by a merger between Idea Cellular Ltd. and the local unit of Vodafone<\/a> Group Plc.

The buyback offer for the 2023 notes will expire at 5 p.m. New York time on Nov. 21 unless extended or terminated earlier, according to the filing.

Bharti hired Barclays<\/a> Bank, BNP Paribas, Merrill Lynch<\/a> International and Standard Chartered Bank as joint dealer managers for the tender offer, and appointed D.F. King as the information and tender agent.
<\/body>","next_sibling":[{"msid":66590845,"title":"TRAI begins consultation on regulatory regime for OTT services","entity_type":"ARTICLE","link":"\/news\/trai-begins-consultation-on-regulatory-regime-for-ott-services\/66590845","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":66589703,"entity_type":"ARTICLE","title":"Bharti Airtel bonds jump most in five years after buyback offer","synopsis":"India\u2019s second-biggest mobile phone carrier will pay $985 per $1,000 principal amount .","titleseo":"telecomnews\/bharti-airtel-bonds-jump-most-in-five-years-after-buyback-offer","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2018-11-12 16:21:00","lastupd":"2018-11-12 22:09:55","breadcrumbTags":["bharti airtel","Jio","Barclays","merrill lynch","Industry","Vodafone"],"secinfo":{"seolocation":"telecomnews\/bharti-airtel-bonds-jump-most-in-five-years-after-buyback-offer"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2018-11-12" data-index="article_1">

Bharti Airtel债券在五年后回购提供大多数跳

印度第二大移动电话运营商将支付985美元/ 1000美元本金。

  • 更新于2018年11月12日10:09点坚持
< p >电信公司的广告牌Airtel在利伯维尔,加蓬首都,2017年1月16日。路透/迈克Hutchings /文件照片< / p >
电信公司的广告牌Airtel在利伯维尔,加蓬首都,2017年1月16日。路透/迈克Hutchings /文件的照片
由大卫勇

Bharti AirtelLtd .)以美元计价的债券将在五年后在2023年飙升最上面的公司提供给买回证券市场价格在评级下调的风险。

印度第二大移动电话运营商将支付985美元/ 1000美元本金+应计利息的任何或所有指出2023年3月的15亿美元收购要约,根据公司在周末提交。债券上涨2.3美分至98美分的周一上午9点在新加坡,今年8美分削减他们的损失。

广告
穆迪投资者服务公司的Baa3评级下调至垃圾级11月8日在担心疲软的现金流的一代。审查也反映出Bharti Airtel的低水平的盈利能力,特别是在印度和更高的债务水平从其业务基金资本支出,评级公司说。

美国银行(Bank of America corp .)和富国银行(Wells Fargo)的分析师此前标记该公司陷入垃圾的风险类别,称债务水平,在当地市场的激烈竞争。Bharti已通过出售资产筹集了超过15亿美元,包括部分股权出售其非洲业务,减轻其债务负担,公司说。

激烈的竞争
价格战的客户只有暴发户依赖以来恶化JioInfocomm ltd .)推出2016年免费服务,击败淘汰出局数较小的运营商,被迫退出业务或合并。Bharti降至2号上个季度,被一个合并的想法细胞有限公司和当地的单位沃达丰(Vodafone)Group Plc)。

回购提供2023年的笔记将在5点到期。纽约时间在11月21日,除非延长或终止前,根据申请。

Bharti雇佣巴克莱(Barclays)银行、法国巴黎银行(BNP Paribas)、美林(Merrill Lynch)国际和渣打银行联合经销商管理者收购要约,并任命王测向信息和招标代理。
  • 发布于2018年11月12日下午04:21坚持

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\"&lt;p&gt;A
A billboard for telecommunications company Airtel is seen in Libreville, Gabon's capital, January 16, 2017. REUTERS\/Mike Hutchings\/File Photo<\/span><\/figcaption><\/figure>\n\n\n\nBy David Yong<\/strong>

Bharti Airtel<\/a> Ltd.’s dollar-denominated bonds due in 2023 surged the most in five years after the company offered to buy back the securities at above the market price amid the risk of a rating downgrade.

India’s second-biggest mobile phone carrier will pay $985 per $1,000 principal amount plus accrued interest for any or all of the $1.5 billion of March 2023 notes in the tender offer, according to a company filing over the weekend. The bonds jumped 2.3 cents to 98 cents on the dollar as of 9:00 a.m. in Singapore Monday, paring their loss for the year to 8 cents.

Moody’s Investors Service placed the company’s Baa3 rating on review for a cut to junk grade on Nov. 8 on concern about weak cash flow generation. The review also reflects Bharti Airtel<\/a>’s low levels of profitability, particularly from its operations in India and higher debt levels to fund capital spending, the rating company said.

Analysts at Bank of America Corp. and Wells Fargo had earlier flagged the risk of the company slipping into junk category, citing debt levels and stiff competition in local markets. Bharti has raised more than $1.5 billion from asset sales, including a partial stake sale in its Africa business, to lighten its debt load, the company said.

Stiff Competition<\/strong>
A price war for customers has only worsened since upstart Reliance Jio<\/a> Infocomm Ltd. debuted with free services in 2016, a knock-out blow for several smaller carriers that were forced to quit the business or merge. Bharti slipped to No. 2 last quarter, overtaken by a merger between Idea Cellular Ltd. and the local unit of Vodafone<\/a> Group Plc.

The buyback offer for the 2023 notes will expire at 5 p.m. New York time on Nov. 21 unless extended or terminated earlier, according to the filing.

Bharti hired Barclays<\/a> Bank, BNP Paribas, Merrill Lynch<\/a> International and Standard Chartered Bank as joint dealer managers for the tender offer, and appointed D.F. King as the information and tender agent.
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