Allan Gray's investment analyst Rory Kutisker-Jacobson says from a Blue Label shareholder perspective, the mobile operator's announcement has "a minimal to zero impact on the Cell C deal [with Blue Label]." "Raising debt doesn't reduce debt in a business per se. What has changed is the anticipated mix of debt holders post the recapitalisation. Presumably, the intention of the bond placement was to use that debt to repay the existing debt holders. i.e. transfer the debt from one counterparty to another. This will no longer be the case," says Kutisker-Jacobson. Allan Gray is a shareholder in Blue Label. For Mark Ansley, a portfolio manager at Argon Asset Management, he doesn't see a problem with Cell C achieving its debt reduction target without a bond placement. "We would assume that Blue Label will waive this condition, provided that Cell C achieve their target in a sensible and non-compromising way," says Ansley.