Reuters – Egypt’s Global Telecom Holding said on Monday its Bangladeshi subsidiary Banglalink Digital Communications Limited issued Bangladesh’s first international bond.

Banglalink, wholly owned by Global Telecom, has priced a five-year $300m bond with the coupon at 8.625%, Global Telecom said in a statement.

The transaction is expected to close on 6 May.

“The notes will be due on May 2019 and are expected to be rated B1 by Moody’s and B+ by S&P,” the statement said.

“Banglalink intends to use the net proceeds from the offering to repay existing indebtedness and to finance capital expenditures,” it added.