Belgium cable operator Telenet has launched a voluntary offer to extend maturities of certain term loans of its E2.3bn senior credit facility.
A company spokesperson said that banks have yet to been appointed to manage the process.
Lenders are asked to…
Belgium cable operator Telenet has launched a voluntary offer to extend maturities of certain term loans of its E2.3bn senior credit facility.
A company spokesperson said that banks have yet to been appointed to manage the process.
Lenders are asked to renew their commitment for four term loans to match the maturity and margin of a E979.2m term loan F which expires on 30 June 2017 and pays 375bp.
The four facilities are:
“A E772m term loan A, which matures on 31 July 2012 and pays a margin of 225bp;
“A E114m term loan B, which matures on 31 December 2014 and pays a margin of 250bp
“A E452.8m term loan D which matures on 31 December 2014 and pays a margin of 300bp,
“A E418.5m term loan E which matures on 31 March 2015 and pays a margin of 350bp.
An E83.3m term loan C maturing on 31 July 2015 and paying a margin of 275bp as well as a E175m revolving facility available until 31 July 2014 and paying 212.5bp remain unchanged.
Existing lenders must reply to the exchange offer by July 28.
In a release the company said: “This leverage-neutral transaction will further improve stability of Telenet’s debt capitalization by providing additional cash flow flexibility to the business with almost no debt amortizations until mid?2017.”
