Gleacher Shacklock to advise Eircom?
Irish telco Eircom is expected to appoint advisers including Gleacher Shacklock on its long-term strategy, according to sources cited by the Financial Times.
Following last year’s takeover by Singaporean telecoms group ST Telemedia, the group does owe…
Irish telco Eircom is expected to appoint advisers including Gleacher Shacklock on its long-term strategy, according to sources cited by the Financial Times.
Following last year’s takeover by Singaporean telecoms group ST Telemedia, the group does owe some debt, E1.2bn, but this is not due until 2014. As such, and given that financial covenants could soon tighten, it is possible that a bond issue, bond exchange or equity injection could be on the table.
According to the report, the Irish company owes E3.3bn in cash-interest paying debt, which includes E350m in floating rate bonds and E600m whose interest is paid in kind.
It is reportedly in the initial stages of sounding out potential advisers.
