Incumbent operator Telekom Austria has mandated banks ahead of an issuance of deeply subordinated hybrid capital securities.
Citigroup and Morgan Stanley are acting as structuring advisors and bookrunners, while BofA Merrill Lynch and Unicredit…
Incumbent operator Telekom Austria has mandated banks ahead of an issuance of deeply subordinated hybrid capital securities.
Citigroup and Morgan Stanley are acting as structuring advisors and bookrunners, while BofA Merrill Lynch and Unicredit are bookrunners. The banks will go on a roadshow to sell the securities which are a mix of equity and debt.
The operator did not disclose how much the issuance would raise or what the proceeds would be used for, however TA’s chairman previously said it was mulling an €800m offering.
Rudolf Kemler told local press earlier this month that the telco’s supervisory board had given the green light for a hybrid issuance which could be used to acquire new spectrum and extend the licences it currently holds.
Kemler said TA was lacking liquidity to finance the planned investments.
Frequencies are expected to be auctioned in the second half the year.
The issuance of the securities remains subject to market conditions and the successful completion of the roadshow, set to take place next week.
