Takeover target Cable and Wireless Worldwide, the UK enterprise facing telco, is on the verge of securing a £260m revolver with six banks.
“Discussions with our banking group on the refinancing of our revolving credit …
Takeover target Cable and Wireless Worldwide, the UK enterprise facing telco, is on the verge of securing a £260m revolver with six banks.
“Discussions with our banking group on the refinancing of our revolving credit facility have been positive and are at an advanced stage,” said CEO Gavin Darby in a stock exchange announcement.
“We have received commitment letters for a £260m revolving credit facility, which represents an over-subscription to our initial requirements. We expect to finalise documentation soon and will make a further announcement when complete.”
CWW declined to disclose further details.
The company is currently in the sights of mobile giant Vodafone, which is in early stages of considering whether to make a cash offer for the group for a reported £700m.
Vodafone said on 13 February that there is no certainty whether or how an offer will be made, but it will announce its decision by 12 March.
