Polish cableco Multimedia Polska has issued five-year bonds worth a total PLN250m (US$71.8m) to domestic banks and institutional investors.
The company said it will use the funds to refinance existing debt and for acquistions. More specifically, it…
Polish cableco Multimedia Polska has issued five-year bonds worth a total PLN250m (US$71.8m) to domestic banks and institutional investors.
The company said it will use the funds to refinance existing debt and for acquistions. More specifically, it will use about PLN180m (US$51.7m) to repay bank loans and the remainder to help fund medium-sized transactions.
The bonds were issued in 25,000 units, each with a nominal value of PLN10,000 (US$2,869), and mature on 6 June 2017, according to a company statement.
They will make their debut on the Catalyst bond market, which operates on Warsaw Stock Exchange transaction platforms, in the coming weeks.
PKO Bank Polski organised the issue.
Multimedia Polska posted revenues for 2011 of PLN622.3m (US$178.5m), with adjusted EBITDA of PLN327m (US$93.79m).
In February, the owners of Multimedia retained JP Morgan to carry out a strategic review of the company, saying at the time that “all options will be considered, including maintenance of the existing ownership position”. The company said the review would encompass all of the business’ operations as well as opportunities for growth in the domestic telecoms and TV markets. At the time, the company declined to comment on speculation that a potential merger with a direct competitor could mark the second largest consolidation deal in Polish history.
In its February statement, Multimedia Polska said it would announce the results of the review at its conclusion and, in the meantime, would “continue to invest in and grow the business”.
