British mobile phone operator Orange is to raise £500 million sterling through a bond issue to help fund its expansion abroad, the company announced yesterday.
The cash raised will be used to repay £300 million in group debt while the remainder will continue Orange's business expansion outside Britain, mostly in mainland Europe.
The company is one of two bidders seeking Ireland's third mobile phone licence and a decision on the winner is expected to be announced early next week.
The bonds, which will be priced in mid-July, will be denominated in dollars, pounds and euros and will have a 10-year maturity.
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The issue will be managed by Goldman Sachs, Chase Securities and Kleinwort Benson.
