UK communications infrastructure firm Arqiva has upped the size of its planned senior note offering by £250m to £750m, SatelliteFinance has learnt.
The company had planned to issue notes worth £500m as part of its £3.7bn bond and loan refinancing….
UK communications infrastructure firm Arqiva has upped the size of its planned senior note offering by £250m to £750m, SatelliteFinance has learnt.
The company had planned to issue notes worth £500m as part of its £3.7bn bond and loan refinancing. However, the offering was increased after its order book was more than twice oversubscribed, according to a source close to the situation, who said its pricing was imminent.
The financing is now understood to be split into two tranches – a £350m bond and a £400m bond.
Together with £600m in holding company notes, Arqiva will issue bonds worth a total £1.35bn in what is set to be the biggest financing deal in the country’s infrastructure sector this year.
The company has been holding roadshows in the UK, US and mainland Europe for the notes, which will be joined by a previously agreed £2.5bn committed facility. The refinancing will also see existing shareholders provide £867m in capital, of which £400m will be in fresh financing.
The debt is being arranged by a club of 20 banks, with HSBC and Rothschild advising Arqiva on the refinancing.
As previously reported, the top tier banks for the refi include RBS, Barclays, HSBC, Lloyds, JP Morgan, Deutsche Bank, BofA Merrill Lynch, UBS and Commerzbank Bank.
