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MTN cuts debt with early settlement of $300 million in euro bonds

FILE PHOTO: A shopper walks past an MTN shop at mall in Johannesburg

JOHANNESBURG (Reuters) - South African mobile operator MTN Group has reduced its debt further through early settlement of $300 million in euro bonds with a 2024 maturity date, it said on Monday, as part of efforts to deleverage non-rand debt faster.

"This brings MTN's dollar-denominated debt down to 35% of total holding company debt on a H1 2022 pro forma basis," the company said.

MTN Group finance chief Tsholofelo Molefe said the settlement would be funded from available cash balances.

(Reporting by Nqobile Dludla; Editing by David Goodman)