Dutch telco KPN is looking to issue a benchmark Eurobond under its global medium note programme.
Bank of America Merrill Lynch, Rabobank and UniCredit will act as joint bookrunners, the company said.
The aim of this issue is to extend KPN’s debt…
Dutch telco KPN is looking to issue a benchmark Eurobond under its global medium note programme.
Bank of America Merrill Lynch, Rabobank and UniCredit will act as joint bookrunners, the company said.
The aim of this issue is to extend KPN’s debt maturity profile. At the end of Q2 2012, the company’s net debt stood at €12.4bn, while its net debt to EBITDA ratio stood at 2.6x.
“KPN continues to target a net debt to EBITDA ratio between 2.0 to 2.5x and remains committed to minimum credit ratings of Baa2 and BBB by Moody’s and Standard & Poor’s respectively,” it said.
Proceeds of the issue will be used for general corporate purposes.
The last time KPN made a bond issue under its global medium note programme was in February when the company raised €750m.
Meanwhile, KPN’s mobile phone towers in Germany have reportedly attracted the interest of several infrastructure funds and private equity firms, including EQT Partners, the Macquarie Group, and Rabo Bouwfonds Communication Infrastructure Fund.
