Irish telco Eircom has launched an offering for €310m senior secured notes due 2020.
The move is Eircom’s first issue since exiting examinership in June last year which had resulted in the write-off of €1.7bn of debt and a takeover of the company…
Irish telco Eircom has launched an offering for €310m senior secured notes due 2020.
The move is Eircom’s first issue since exiting examinership in June last year which had resulted in the write-off of €1.7bn of debt and a takeover of the company by its senior lenders.
JP Morgan and Goldman Sachs are managing the sale, with BofA ML, Deutsche Bank and BNP Paribas as bookrunners. A roadshow will take place over the next couple of days, according to a person with knowledge of the situation.
Eircom said it plans to use the proceeds of the notes to repurchase debt under its existing senior facilities agreement.
The Irish incumbent has a debt pile of around €2.4bn, and as TelecomFinance reported previously it has been on the lookout for refinancing options since November last year.