Irish incumbent Eircom is seeking to extend the length of its senior loan facilities from 2017 to 2019.
In its Q2 statement CFO Richard Moat said that improving the operator’s debt maturity profile “was the next step in securing a sustainable and…
Irish incumbent Eircom is seeking to extend the length of its senior loan facilities from 2017 to 2019.
In its Q2 statement CFO Richard Moat said that improving the operator’s debt maturity profile “was the next step in securing a sustainable and flexible long term capital structure for Eircom”.
BNP Paribas and Goldman Sachs are managing the refinancing, which will see the interest rate on the debt rise from 400 basis points over Euribor to 425.
Commenting on the Q2 results, Moat said: “The group generated EBITDA of €233m for the first half of the financial year, which is broadly in line with expectations, and demonstrates continued stabilisation in business performance … We remain on track to achieve €100m in operational cost savings on an annualised basis by the fourth quarter of this financial year.”
Eircom is the former state-owned fixed line monopoly. In addition to landline telephony it offers mobile and broadband services.
