Italian towerco EI Towers has opened the books on a five-year €200m bond issue.
Settlement is set to take place on 26 April and the senior-unsecured notes will mature on the same date in 2018, according to a source with knowledge of the…
Italian towerco EI Towers has opened the books on a five-year €200m bond issue.
Settlement is set to take place on 26 April and the senior-unsecured notes will mature on the same date in 2018, according to a source with knowledge of the transaction. They will be listed on the Irish Stock Exchange.
Joint bookrunners for the transaction are Banca IMI, BNP Paribas, Mediobanca and Unicredit.
Fitch has rated Lissone-based EI Towers BBB with a stable outlook and assigned the new notes a BBB(EXP) rating.
Explaining it’s rationale for the ratings in a release, Fitch highlighted the towerco’s “quasi-utility nature”, saying it plays a vital role in transmitting a significant portion of Italy’s free-to-air TV signals.
“The rating for EI Towers reflects the company’s highly-visible, non-cyclical and inflation-linked revenue streams. These are underpinned by long-term contracts to rent space on its towers for radio and TV broadcast and telecoms transmission equipment”.
EI Towers provides network infrastructure and services for electronic communications.
Listed on the Italian bourse, it has a market capitalisation of €679.05m.
The company posted revenues of €232.6m for FY 2012, up from €84.4m the previous year.
Silvio Berlusconi’s Elettronica Industriale is EI Tower’s largest shareholder with a 65% stake.
