Number three Italian mobile operator Wind Telecommunications is looking to raise around E3.4bn in loans to refinance senior debt, reported Bloomberg citing sources.
According to the report, Wind is set to meet potential lenders in London tomorrow to…
Number three Italian mobile operator Wind Telecommunications is looking to raise around E3.4bn in loans to refinance senior debt, reported Bloomberg citing sources.
According to the report, Wind is set to meet potential lenders in London tomorrow to market the loans.
The company holds E4.8bn of debt due to mature in May 2014, and is reportedly seeking two term loans that will mature in 2016 and 2017 in the restructuring.
Bloomberg reported that these loans will pay initial interest of 4-4.5 percentage points over benchmark rates, with a E400m revolving credit facility also in the pipeline.
Deutsche Bank, Citigroup and JPMorgan Chase are reportedly involved in the underwriting.
In addition, Egyptian tycoon Naguib Sawiris, who controls Wind through his Weather Investments group, is reportedly also seeking to sell new high-yield bonds as part of the refinancing.
Last month, VimpelCom and Weather Investments agreed to a merger that would create the fifth largest mobile operator in the world by number of subscribers. The transaction involves a 51.7% stake in Orascom Telecom and 100% of Wind Italy.
Vimpelcom yesterday was reported to be working on putting together a US$4bn bridge loan to be refinanced in the bond market to support the acquisition of Weather Investments.
Wind did not respond to request for comment before the press deadline.
