Syndication for investment group PPF’s €2.288bn (US$3.12bn) senior loan facilities to help fund its purchase of a majority stake in Telefonica Czech Republic has closed significantly oversubscribed, TelecomFinance understands.
Overall, 16 new…
Syndication for investment group PPF’s €2.288bn (US$3.12bn) senior loan facilities to help fund its purchase of a majority stake in Telefonica Czech Republic has closed significantly oversubscribed, TelecomFinance understands.
Overall, 16 new institutions from 12 banking groups joining the transaction. Societe Generale is the coordinating mandated lead arranger and bookrunner for the transaction.
Mandated lead arrangers and bookrunners are Citi, Credit Agricole, Deutsche Bank, ING, KBC Bank, Royal Bank of Scotland and Unicredit.
Arrangers are Sumitomo Mitsui and VTB Bank, while co-arrangers are Oberbank and OTP Banka Slovensko. Societe Generale is also facility agent, while Komercni Banka is security agent.
Issuing banks had expected the transaction to generate strong interest in light of the demand for quality loan assets in Central Europe and limited number of large-scale opportunities.
PPF, founded by Czech billionaire Petr Kellner and based in Amsterdam, agreed in early November to acquire Spanish incumbent Telefonica’s 65.9% stake in Telefonica CR for Kc63.6bn (US$3.32bn).
The investment group is looking to fund the purchase, which also includes Telefonica Slovakia, with the syndicated loan and an equity cheque of Kc35.5bn (US$1.85bn).
PPF also plans to launch a mandatory takeover offer for the remaining shares in Telefonica CR. Telefonica will retain a 4.9% stake.
