Polish cableco Multimedia Polska has issued seven-year bonds worth a total PLN1.038bn (US$323.6m) and plans to raise an additional PLN500m (US$155.9m) in debt financing.
The notes were sold to a mix of domestic institutional (including pension) funds,…
Polish cableco Multimedia Polska has issued seven-year bonds worth a total PLN1.038bn (US$323.6m) and plans to raise an additional PLN500m (US$155.9m) in debt financing.
The notes were sold to a mix of domestic institutional (including pension) funds, investment funds and banks.
Bank Pekao, Raiffeisen Bank Poland, and Unicredit CAIB Poland worked on the transaction.
About PLN760m (US$236.9m) of the proceeds will be used to repay existing bonds. Specifically, PLN400m (US$124.7m) will be used to refinance bonds set to mature in 2015, PLN107m (US$33.4m) for bonds due in 2016, and PLN250m (US$78m) for bonds maturing in 2017. Another PLN204m (US$63.6m) will be used to repay a loan with bank PKO BP.
Multimedia Polska said it also intends to secure about PLN500m (US$155.9m) in debt financing for acquisitions, adding that it expects to provide further details on this within the coming weeks. The cableco said it aims to boost its share of the domestic cable sector from 18% to 25% within three to four years, thereby fast-tracking consolidation in the highly-fragmented market. The company is targeting small and medium-sized cable operators nationwide.
The Warsaw-based company reported revenues of PLN685.5m (US$218.4m) for the year ending 31 December 2012 and EBITDA of PLN351.4m (US$111.98m).
Multimedia Polska is Poland’s second-largest cable operator after Liberty Global’s UPC Polska.
