French media and telecom transmission provider TDF Infrastructure has launched a €600m (US$682m) seven-year senior unsecured bond paying a 2.875% coupon.
French media and telecom transmission provider TDF Infrastructure has launched a €600m (US$682m) seven-year senior unsecured bond paying a 2.875% coupon.
BNP Paribas, Crédit Agricole, Lloyds, RBS and Société Générale are joint bookrunners.
The transaction, which marks TDF’s debut on the euro-denominated public debt markets, will enable the company to diversify its sources of financing while repaying some of its bank debt.
The placement was 2.8x oversubscribed, enabling the company to raise the size of the offering from an initial €350m (US$398m). Investors hailed primarily from the UK, Germany and France.
TDF, which provides infrastructure to telecom and media clients, reported €750m (US$853m) in consolidated revenues for 2014-2015. Primarily contributing to this were telecoms (41%), television (30%), radio (18%), and media services (8%), according to its website.
TDF is owned by Brookfield Infrastructure Group (45%), a consortium comprising APG Asset Management, PSP Investments. Arcus Infrastructure Partners (45%), and Crédit Agricole Assurances (10%).
The investors paid €3.6bn (US$4.47bn) for the long-term target, which at the time of the sale – agreed last November – had a debt pile of €3.8bn (US$4.72bn). That sale did not include TDF’s German assets.