Fixed-line operator Netia (WSE:NET) has secured a PLN400m (US$107m) loan with two banks to repay a previous debt facility and to part-fund its recent acquisition of TK Telekom.
MBank and DNB Bank provided the loan, which will be repaid in six…
Fixed-line operator Netia (WSE:NET) has secured a PLN400m (US$107m) loan with two banks to repay a previous debt facility and to part-fund its recent acquisition of TK Telekom.
MBank and DNB Bank provided the loan, which will be repaid in six half-yearly instalments between now and July 2018.
Netia did not disclose the interest rate, but said it would be linked to the Warsaw Interbank Offered Rate (WIBOR). The loan has been secured against some of Netia’s fixed-line assets and part of its share capital.
The majority of the proceeds will be put towards repaying a PLN250m (US$66.9m) facility agreed in November 2014 with mBank and Bank BGZ. The other PLN150m (US$40.1m) will go towards funding part of Netia’s previously announced PLN221m (US$61m) acquisition of TK Telekom.
Polish competition body the UOKiK this week cleared Netia’s purchase of the fibre-optic backbone network operator from state railway company PKP Group.
The enterprise value of the transaction represents 5.2x EV/EBITDA based on TK Telekom’s pro-forma EBITDA for 2014, Netia said. This figure does not include the synergies Netia hopes to achieve.
The fixed-line telco is still without a permanent CEO after sacking Pawel Symanski in June. The unexplained dismissal came just two months after Symanski’s appointment to the role.
On 6 July, Boguslawa Matuszewska, a member of the board, took over as interim CEO on a contract lasting until 6 October, by which time Netia hopes to have found a new CEO.
