Digicel Limited Closes US$160 Million Funding Round

* Reuters is not responsible for the content in this press release.

Tue Jul 7, 2009 4:36pm EDT 

  KINGSTON, JAMAICA, Jul 07 (MARKET WIRE) -- 
Digicel Limited today announced it has completed a US$160 million
corporate bond offering, which is a reopening of the US$350 million of
12% senior notes due 2014 that were sold in March 2009.

    A further US$90 million of the existing 2014 bonds held by Denis O'Brien,
were also successfully placed as part of the transaction.

    The bonds were priced at 99.5% and the offering was two times
over-subscribed.

    The use of proceeds of the offering will be for general corporate
purposes, including debt service and acquisitions, and allows the company
to increase its overall liquidity position.

    The offering was led by Credit Suisse, with Citi and J.P. Morgan acting as
joint book-runners on the deal.

    Colm Delves, CEO of Digicel Group Ltd, said: "We are delighted with the
support we have received from our investors in this transaction,
demonstrating their continuing confidence in Digicel's strong position in
the Caribbean and our prospects in Central America."

    He continued: "The transaction further adds to Digicel's liquidity and
will enable us to take advantage of expansion opportunities as they
present themselves."

    This press release is not an offer of securities for sale in the United
States. Securities may not be offered or sold in the United States absent
registration or an exemption from registration.

    ABOUT DIGICEL GROUP

    Since its launch in 2001, Digicel has become the largest wireless
telecommunications operator in the Caribbean with more than seven million
customers. After seven years, Digicel is renowned for competitive rates,
unbeatable coverage, superior customer care, a wide variety of products
and services and state-of-the-art handsets. By offering innovative
wireless services and community support, Digicel has become a leading
brand in the Caribbean and has placed the region at the cutting-edge of
wireless communications -- the company is also a new entrant to the
Central American market.

    Digicel is incorporated in Bermuda and now has operations in 31 markets
worldwide.

    Visit www.digicelgroup.com for more information on Digicel Group.

    

Contact:
Antonia Graham
Digicel
+ 1876 564 1708
antonia.graham@digicelgroup.com

Copyright 2009, Market Wire, All rights reserved.

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