Shareholders in Polish DTH operator Cyfrowy Polsat have approved a bond issue programme of up to PLN1bn (US$268.4m).
At an EGM today, shareholders authorised management to set forth detailed terms for the programme and each issue, and subsequently…
Shareholders in Polish DTH operator Cyfrowy Polsat have approved a bond issue programme of up to PLN1bn (US$268.4m).
At an EGM today, shareholders authorised management to set forth detailed terms for the programme and each issue, and subsequently launch it.
As previously reported, Cyfrowy plans to issue the new bonds before 15 July this year. They must be redeemed no later than 31 December 2022.
The EGM’s draft resolutions state that the programme is designed to ensure the company has full access to all forms of available debt financing, including the high yield bond market.
On 18 December, Polsat management announced plans to make an early prepayment of PLN200m (US$53.7m) on its PLN7.95bn (US$2.13bn) senior term loan. The loan was secured in June 2013 and matures in 2019.
Cyfrowy completed its PLN6.15bn (US$2.02bn) merger with mobile operator Polkomtel (Plus), also controlled by Polish businessman Zygmunt Solorz-Zak, in May 2014.
