Primacom has refinanced its credit structure, giving it additional headroom for acquisitions.
The German cable operator said two new loans totalling €355m (US$382m) would underpin its growth plans until 2022.
Primacom CFO Jens Muller said the new…
Primacom has refinanced its credit structure, giving it additional headroom for acquisitions.
The German cable operator said two new loans totalling €355m (US$382m) would underpin its growth plans until 2022.
Primacom CFO Jens Muller said the new funding arrangement would lower its financing costs and provide funding for further expansion.
DC Advisory managed the €355m refinancing, which replaces Primacom’s existing credit structure with a €270m first lien tranche priced at 4.75% and an €85m second lien tranche priced at 7%. It also secured a new €10m revolving credit facility.
“These new funds provide a solid base from which we can continue to execute our successful strategy and accelerate our growth organically, as well as proving additional headroom for acquisitions,” Muller said in a statement.
In 2014 Primacom snapped up smaller rival DTK Deutsche Telekabel. More consolidation is expected among Germany’s smaller cablecos, which also include Frankfurt-listed Tele Columbus and private equity-owned Pepcom.
