UK mobile operator Everything Everywhere (EE) could be looking to place a bond this year to finance bids in the country’s upcoming 4G auction.
EE, a joint venture between Deutsche Telekom and France Telecom, is looking to raise further funds in time…
UK mobile operator Everything Everywhere (EE) could be looking to place a bond this year to finance bids in the country’s upcoming 4G auction.
EE, a joint venture between Deutsche Telekom and France Telecom, is looking to raise further funds in time for the auction that local regulator Ofcom plans to hold in Q4 2012, reported the Financial Times, which did not detail a source.
The company declined to comment on what it described as speculation.
However, a spokesman said: “We do have an active bond programme in place, and have recently issued a bond under this programme.”
EE made the shift towards operating as an independent entity late last year when it secured a revolver and a term loan for a combined £875m (US$1.38bn). Shortly after that, in February, the company placed a €500m (US$659m) bond, with Barclays Capital, Mitsubishi UFJ Securities, Morgan Stanley and RBS as bookrunners.
Speaking at the time, CFO Neal Milsom said the bond was “substantially oversubscribed”, showing the support it had among European fixed income investors.
The company has so far been using the proceeds of its financial facilities to pay back a £1.25bn (US$1.98bn) shareholder loan that was provided by its JV owners when it was formed in 2010.
