June 9, 2020 / 11:24 AM / a month ago

Orange subsidiary to raise $174 mln on West African debt market

DAKAR, June 9 (Reuters) - Orange’s West African subsidiary Sonatel said on Tuesday that it would issue 100 billion CFA francs ($174 million) in bonds by mid-July in the largest ever debt issue on the regional market.

The bond issue has been approved by the regional council of the West African monetary union UEMOA, Sonatel said in a statement, adding that the bond’s maturity would be seven years and the interest rate set at 6.50%.

Sonatel operates in Senegal, Mali, Guinea, Guinea-Bissau and Sierra Leone. (Reporting by Diadie Ba; Writing by Aaron Ross Editing by Bate Felix)

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