UK mobile operator Everything Everywhere has launched €500m (US$659m) worth of five-year notes in its first bond issue since becoming an independent financial entity.
The issuance is being placed through special purpose vehicle Everything …
UK mobile operator Everything Everywhere has launched €500m (US$659m) worth of five-year notes in its first bond issue since becoming an independent financial entity.
The issuance is being placed through special purpose vehicle Everything Everywhere Finance, which expects settlement of the offering to occur on 6 February.
According to the company, a JV between Deutsche Telekom and France Telecom, Barclays Capital, Mitsubishi UFJ Securities, Morgan Stanley and RBS acted as bookrunners.
CFO Neal Milsom said: “This issuance represents the company’s inaugural capital markets transaction and a high quality and substantially oversubscribed order book illustrates the interest among European fixed income investors in the Everything Everywhere business.
“The bond programme is part of the ongoing process of diversifying our sources of funding, and we are delighted to have established ourselves so successfully as a borrower in the international capital markets.”
Everything Everywhere announced its first bank facilities as an independent financial entity late last year, when it secured a revolver and a term loan for a combined £875m (US$1.39bn). The company said it would use these facilities to refinance part of a £1.25bn (US$1.98bn) shareholder loan that was provided by its JV owners when it was formed in 2010.
This facility was namely provided by Bank of Tokyo-MitsubishiUFJ, Barclays Capital, HSBC, JP Morgan, Lloyds Bank Corporate Markets (part of Lloyds Banking Group), Morgan Stanley and RBS.
Meanwhile, TelecomFinance understands that the operator is on the verge of selecting a bank to oversee the sale of spectrum it is required to offload this year, with RBS reported to be the front runner for the mandate.