Incumbent Portugal Telecom has announced a E900m credit facility due March 2014 as part of efforts to diversify the maturities of its debt.
With the new facility, which PT states will be used for “general corporate purposes”, the company’s debt…
Incumbent Portugal Telecom has announced a E900m credit facility due March 2014 as part of efforts to diversify the maturities of its debt.
With the new facility, which PT states will be used for “general corporate purposes”, the company’s debt maturities are now financed up to the end of 2013.
The group cites Bank of America Merrill Lynch, BBVA, Banco do Brasil, Barclays Capital, BNP Paribas and Citigroup as lead arrangers and bookrunners of the new facility.
A source close to the company told TelecomFinance that the group is seeking to develop a more conservative balance sheet, meaning it “won’t need to go to the markets in coming years”.
To this end, back in January, PT priced a E600m five-year Eurobond with a 5.625% coupon at a reoffer level of 295bp above mid-swaps.
