UK enterprise-facing telco Cable and Wireless Worldwide (CWW) entered into a new lending relationship with DBS Bank as it secured a £260m (US$412m) revolver.
The new revolver, due 30 June 2015, was also inked with five relationship banks.
In a…
UK enterprise-facing telco Cable and Wireless Worldwide (CWW) entered into a new lending relationship with DBS Bank as it secured a £260m (US$412m) revolver.
The new revolver, due 30 June 2015, was also inked with five relationship banks.
In a stock exchange filing on 27 February, CWW stated that each bank can terminate the agreement on 30 June 2014 if CWW fails to raise sufficient funds to address the refinancing of a convertible bond that matures in November the same year.
CWW confirmed it has formed a new lending relationship with DBS bank, but declined to disclose the identities of the other revolver lenders.
In a stock exchange announcement, CFO Ian Gibson added: “We are extremely pleased with the success of this refinancing exercise, and by the continuing support that has been shown by our long-established relationship banks and by the new bank which has joined the banking group.
“Taken together with the pension and dividend decisions announced on 15 November 2011, we have made significant progress in executing our strategy to address our debt, pension and capital structure.”
Meanwhile, the company remains in the sights of mobile giant Vodafone, which is considering whether to make a cash offer for the group.
Under takeover regulations, Vodafone has to announce whether an offer will be made by 12 March.
