Sonatel launches XOF100bn bond issue

Senegal’s incumbent operator Sonatel has launched a XOF100 billion (USD172 million) bond issue on the West African Economic and Monetary Union financial market. The company said the funds will be used to continue the modernisation and extension of the telco’s network in its home market, support growth in mobile data and Orange Money services, and enter new sectors such as energy, banking and multimedia content. The subscription period for the seven-year bonds offering an interest rate of 6.5% will run from 15 June to 15 July.