Turkish satellite TV provider Digiturk has netted a US$260m senior secured four-year term loan.
Standard Bank was the mandated lead arranger and lead co-ordinator on the facility with ING, Garanti Bank and Turkiye Is Bankasi JLAs.
Digiturk has not…
Turkish satellite TV provider Digiturk has netted a US$260m senior secured four-year term loan.
Standard Bank was the mandated lead arranger and lead co-ordinator on the facility with ING, Garanti Bank and Turkiye Is Bankasi JLAs.
Digiturk has not revealed what the proceeds would be used for, although in April the company secured the rights to broadcast the Turkish Super League, the country’s top football league, for a further three years. In January 2010, Digiturk paid approximately US$321m for the rights to broadcast live matches until the end of the 2013-2014 season.
The company broadcasts its channels through satellite operators Turksat and Eutelsat.
Founded in 2000, Digiturk is majority 53% owned by Turkish diversified holding company Cukurova with private equity group Providence Equity Partners owning the remainder.
Providence, which acquired its holding for around US$250m in 2006, subsequently sought to sell 27.5% of its stake through an IPO in 2007 but poor market conditions stymied the plan. However, rumours continue to surface that the sponsor is looking for an exit and a number of large media groups, including Vivendi and Liberty Global, are thought to have expressed an interest.
