Bermuda-registered mobile phone company Digicel Group, which is aggressively expanding in the Caribbean, yesterday completed a $408 million syndicated funding agreement.

The company said it plans to use the funding to accelerate its expansion in the region.

Digicel operates in seven countries, including Aruba, Barbados, The Cayman Islands, Grenada, Jamaica, St. Lucia, St. Vincent and the Grenadines, and said it was the largest GSM mobile operator in the region with an average market share of 60 percent.

The company said it plans to extend its footprint into other Caribbean countries and is currently one of five operators involved in a telecom licence selection process in Trinidad and Tobago. The funding agreement includes $120 million in (new) debt capital to fund its growth and acquisition strategy.

The company has also streamlined its corporate structure, including restructuring debt and completing the buyout of minority equity holders including the I.F.C. (International Finance Corporation) through a bond offering partially tied to the Jamaican and Trinidad and Tobago capital markets.

The company has raised its profile by sponsoring sports teams including the West Indies cricket team, Special Olympics teams across the Caribbean and it is the title sponsor of the Digicel Caribbean Football Union Cup.