Digicel 1Q Service Revenue Falls 7% to $546 million as CFO Exits

(Bloomberg) Digicel Group Ltd.’s service revenue fell 7% to $546 million in 1Q, according to a release seen by Bloomberg. The company announced the departure of CFO Ray Leclercq in a
separate statement.

* Earnings Before Interest Tax Depreciation and Amortization (EBITDA) is down 2% to $249Mn
* The group's $100Mn revolver was fully drawn at the quarter ended June 30
* The company  is 6.75x leverage
* Cash on hand was $158Mn
* Operating cash flow was $209Mn, down 6% YoY
* Total revenue declined 6% to $565Mn, with service revenue declines offset by a 6% gain in handset/equipment revenue
* Digicel term loan down to 92.5/94.5 from 95.5/96.5, according to a person with knowledge of the trading
* A representative for Digicel declined to comment
* Company scheduled earnings conference call 10 a.m. EST Thursday