Most of incumbent telco Eircom’s lenders have agreed to extend a senior loan facility of around €2bn (US$2.79bn) by two years to September 2019.
The group said 93% were able to extend the tenor of their commitments, while 100% of investors approved…
Most of incumbent telco Eircom’s lenders have agreed to extend a senior loan facility of around €2bn (US$2.79bn) by two years to September 2019.
The group said 93% were able to extend the tenor of their commitments, while 100% of investors approved the amendments in principle.
The amendments will also remove a staple that was due to expire in June 2014, enabling its debt and equity to be traded separately.
CFO Richard Moat said: “Our investors have spoken collectively and unanimously by supporting this initiative.
“This reflects the strong progress made by the group and it underlines the shared goals of the board, management and investors to secure a sustainable and flexible capital structure for Eircom.”
The move has fuelled rumours that the group, which was taken over by its senior lenders after a restructuring in 2012, could soon be put up for sale as it makes it a more attractive target.
BNP Paribas and Goldman Sachs advised on the deal.
