Polish fixed-line telco Netia has inked a three-year loan agreement of up to PLN300m (US$88.5m) to repay an existing facility.
Netia and the joint guarantors of the existing loan – subsidiaries Internetia, Netia Brand Management and Telefonia Dialog…
Polish fixed-line telco Netia has inked a three-year loan agreement of up to PLN300m (US$88.5m) to repay an existing facility.
Netia and the joint guarantors of the existing loan – subsidiaries Internetia, Netia Brand Management and Telefonia Dialog – each have to supply lenders on the new financing a surety of up to PLN450m (US$132.8m), the Warsaw-listed telco said in a statement.
The estimated value of the new loan agreement exceeds 10% of Netia’s equity. The facility will accrue interest at a rate of three-month or six-month Wibor, depending on financial indicators and relevant costs.
Joint lenders of the new loan are mBank, also the facility agent, and Bank Gospodarki Zywnosciowej.
Repayments on the existing loan, signed in September 2011 and amended in December that year and June 2013, will be made in six bi-annual instalments, the final one due in November 2017.
The lenders on the existing loan were Bank Gospodarki Sywnoscciowej, the legal successor to Rabobank Polska, BNP Paribas, mBank, Raiffeisen Bank Polska and Raiffeisen Bank International.
Netia’s revenues for H1 were down 11% on the H1 2013 result to PLN856.5m (US$267.3m). Adjusted EBITDA stood at PLN259.5m (US$81m).
New CFO Pawel Szymanski joined a slimmed-down, two-person management board in September.
