With the deadline for the takeover of mobile operator Wind Hellas just one day away, the high drama continues as bidders return to the table with improved offers.
The board had more or less approved a takeover by senior bondholders, who were tasked with…
With the deadline for the takeover of mobile operator Wind Hellas just one day away, the high drama continues as bidders return to the table with improved offers.
The board had more or less approved a takeover by senior bondholders, who were tasked with convincing RCF lenders that their offer was best, TelecomFinance understands.
The other five suitors – Telenor, Saban Capital, On Telecoms, Info Quest and Weather – which had been officially dismissed due to their low offers, have now been invited to resubmit all-cash bids within 48 hours.
If the Wind Hellas board, advised by Morgan Stanley and White & Case, insist upon cash, it is assumed that Telenor will be the winner.
It is believed that the originally accepted senior bondholders’ offer would have see them swap their bonds for equity, while also injecting an unspecified amount of equity.
In theory, all the bondholders had to do was convince the RCF lenders to accept the deal.
Weather, which remains a dark horse, could be willing to be flexible, if one of the other parties were interested in a partnership.
After all, when the company went into bankruptcy proceedings less than a year ago, it was Weather head Naguib Sawiris that rode to its rescue with a restructuring deal that saw the interests of junior lenders (E960m and US$275m of subordinated bonds and E200m of PIK notes) written off.
Wind Hellas is now controlled by its creditors, having missed a E17.5m interest payment on its E250m revolving credit facility and a E23m coupon on its E1.2bn secured notes. Telenor is advised by Citigroup and Orrick, Herrington & Sutcliffe; Saban Capital by UBS. The senior bondholders are advised by Moelis & Company, while the RCF lenders have mandated JPMorgan.
