The UK mobile operator Everything Everywhere, a joint venture between Deutsche Telekom and France Telecom, has announced new bank financing facilities of £875m (US$1.36bn).
The facilities are made up of a term loan and a multicurrency revolving credit…
The UK mobile operator Everything Everywhere, a joint venture between Deutsche Telekom and France Telecom, has announced new bank financing facilities of £875m (US$1.36bn).
The facilities are made up of a term loan and a multicurrency revolving credit facility with maturities of between three and five years.
Everything Everywhere said that the financing will be used to refinance part of a £1.25bn (US$1.94bn) shareholder loan that had been provided equally by Deutsche Telekom and France Telecom when Everything Everywhere was formed in 2010.
“The refinancing does not change the ownership of Everything Everywhere, with Deutsche Telekom and France Telecom each continuing to own 50% of the business,” it said.
The facility was provided by a group of banks, namely Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, HSBC, JP Morgan, Lloyds Bank Corporate Markets (part of Lloyds Banking Group), Morgan Stanley and RBS.
Everything Everywhere’s CFO, Neal Milsom, said: “We are pleased to receive the support of the high quality lenders who are participating in our new bank financing facilities, recognising the strength of Everything Everywhere as the largest mobile network operator in the UK.”
