Serbian DTH operator and cableco United Group (SBB/Telemach) has reportedly priced €175m (US$238m) worth of five-year PIK notes at 99%.
The debt carries a coupon of 9% if PIK or 8.25% if in cash and will finance a special dividend, reported Leveraged…
Serbian DTH operator and cableco United Group (SBB/Telemach) has reportedly priced €175m (US$238m) worth of five-year PIK notes at 99%.
The debt carries a coupon of 9% if PIK or 8.25% if in cash and will finance a special dividend, reported Leveraged Loan.
Credit Suisse and the company’s private equity owner KKR are global coordinators for the debt, added the report.
United was unable to comment before the press deadline.
KKR closed its acquisition of the Balkan cableco in May, acquiring the group from fellow private equity firm Mid Europa Partners in a deal reportedly worth around €1bn (US$1.4bn). It represents NYSE-listed KKR’s first direct investment in Southeast Europe.
The deal was agreed back in October and, soon after being inked, United priced a €475m (US$645m) senior bond due 2020 at par. The bond carries a 7.875% coupon and saw Credit Suisse, BNP Paribas, Citigroup and Unicredit as global coordinators and bookrunners.
United operates in Serbia under the SBB brand and Slovenia and Bosnia and Herzegovina under the Telemach brand.
It boasts 1.7 million cable and satellite TV, broadband, fixed and mobile customers.
