Tele Columbus has successfully completed its capital raise, helping it finance the purchases of rival cablecos Primacom and Pepcom.
German cableco Tele Columbus (ETR:TC1) has completed the capital increase it announced on 19 October.
In a statement today, the number three cable provider said that 99.9% of the new shares had been sold – with the remaining 0.1% allocated to oversubscription rights at €5.40 per share – yielding total gross proceeds of €382.7m, just shy of the expected €383m.
Proceeds from the share issuance will be used to repay a bridge loan and second lien facility that helped fund July’s €711m (US$774m) acquisition of Primacom, and to part fund the €608m (US$688m) purchase of Pepcom.
Goldman Sachs and JP Morgan acted as joint global co-ordinators and bookrunners.
