Teasers have been sent out to potential investors for the sale of Polish cable operator Aster.
A source close to the deal confirmed that Credit Suisse, the advisers of Mid Europa Partners and the management team, sent out the teaser documents late last…
Teasers have been sent out to potential investors for the sale of Polish cable operator Aster.
A source close to the deal confirmed that Credit Suisse, the advisers of Mid Europa Partners and the management team, sent out the teaser documents late last week and first round bids are due on October 18.
UPC, Vectra and Multimedia Polska as well as private equity firm EQT have been mentioned as potential investors.
The plan is to sign a deal in December.
A source close to the company said Aster was 5.5 times leveraged with an all PLN-denominated senior debt, about E100m of mezzanine debt and about E50m worth of PIK debt. Its main lenders are BNP Paribas, Credit Agricole, Credit Suisse, ING, GE Capital and Unicredit. It has over E65m EBITDA
Mid Europa and the management team acquired Aster in March 2006 for PLN1.6bn (E412m) including a debt package of E270m.
The cable operator is a quadruple-play service provider, offering television, broadband internet mobile and fixed-line services. It has about 385,000 subscribers, according to Mid Europa’s website.
