Com Hem has launched a SKr2.5bn (US$344m) bond offering in what marks the Swedish cableco’s first trip to the debt markets since its IPO in June.
The proceeds from the new 5.25% 2019 notes will be put towards the redemption of about SKr3.5bn (US$481m)…
Com Hem has launched a SKr2.5bn (US$344m) bond offering in what marks the Swedish cableco’s first trip to the debt markets since its IPO in June.
The proceeds from the new 5.25% 2019 notes will be put towards the redemption of about SKr3.5bn (US$481m) senior secured notes due 2018.
Danske Bank and Nordea acted as joint bookrunners for the issuance.
The operator will also use a new SKr375m (US$52m) credit facility and a drawdown of its existing revolver.
In a statement, Com Hem said the existing notes carried a fixed interest rate of 9.25%, while this replacement package has a blended interest rate of 4.4%.
Com Hem’s IPO on the NASDAQ OMX Stockholm raised a total of SKr6.24bn (US$940m) after underwriters exercised an over-allotment option. The proceeds were used to help bring down the cableco’s net leverage to around 3.9x net debt/LTM underlying EBITDA.
The listing diluted private equity firm BC Partners’ stake to 47.7%.
