French telecoms and media company Vivendi finalised its E5bn loan with 17 banks joining in.
On April 18, the company announced that the syndicated loan would fund the acquisition of mobile operator SFR’s 44% stake from Vodafone and refinance existing…
French telecoms and media company Vivendi finalised its E5bn loan with 17 banks joining in.
On April 18, the company announced that the syndicated loan would fund the acquisition of mobile operator SFR’s 44% stake from Vodafone and refinance existing debt.
With this new loan the average maturity of the company’s debt has increased from 4 to 4.5 years.
Following the completion of this new loan, the dividend payment and the acquisition of SFR’s, Vivendi said it would have at least E2bn of undrawn credit lines.
The loan facility consists of a E1.5bn tranche A maturing at the end of 2012; a three-year E1.5bn tranche B and a five-year E2bn tranche C. This last tranche refinances a previous syndicated loan of the same amount maturing in April 2012.
In April, Vivendi agreed to buy the 44% stake it did not own in SFR from Vodafone for E7.95bn. It was advised by Rothschild, while Vodafone was advised by Lazard.
Vivendi forecasts a net debt of around E13.5bn at the end of 2011.
