Banks have secured a PLN1.753bn (US$553m) loan for Polish mobile operator Polkomtel to refinance a bridge loan to a senior secured high-yield bond, Reuters reports quoting banking sources.
In the summer, Credit Agricole, Deutsche Bank, RBS and SG…
Banks have secured a PLN1.753bn (US$553m) loan for Polish mobile operator Polkomtel to refinance a bridge loan to a senior secured high-yield bond, Reuters reports quoting banking sources.
In the summer, Credit Agricole, Deutsche Bank, RBS and SG underwrote the bridge loan as part of a PLN13.3bn (E3.33bn) debt package to support the acquisition of the mobile operator by local businessman Zygmunt Solorz-Zak.
The banks have reportedly preferred to turn to the local market rather than Europe’s volatile high-yield bond market. The seven-year zloty loan reportedly pays 550 bp over Wibor and was sold at a discount of 98% to face value.
Polkomtel still has a €900m unsecured high yield bond to place.
The company was not immediately available for comments.
