Following TDF’s exclusive talks to sell its activities, excluding the German ones, to a consortium of investors for €3.6bn (US$4.47bn) last week, the Paris-based tower operator is reportedly looking to secure new loans.
The consortium of buyers…
Following TDF’s exclusive talks to sell its activities, excluding the German ones, to a consortium of investors for €3.6bn (US$4.47bn) last week, the Paris-based tower operator is reportedly looking to secure new loans.
The consortium of buyers consists of PSP Investments and APG Asset Management, a Canadian and Dutch pension funds, respectively, as well as UK-based Arcus Infrastructure and Canada’s Brookfield Infrastructure.
TDF plans to use the proceeds from the sale to help repay its €3.8bn debt pile. The towerco will make up the shortfall with cash from its balance sheet and €175m of new leveraged loans to be sought in December or January, unnamed banking sources told Reuters.
Goldman Sachs and BNP Paribas are arranging €150m of term loans and a €25m revolver, which will be put on the balance sheet of TDF’s German unit Media Broadcast, an operator of digital terrestrial TV and radio networks, the report said.
The asset sale is expected to close in Q1 2015, subject to regulatory approval.
TDF’s main shareholders – TPG, Ardian, Bpifrance and Charterhouse – have been looking to refinance the group’s debt since mid-2013 by selling some of its assets.
TDF provides radio and TV transmission services using its satellite, internet and tower operations, and is present in France, Germany, Poland, Spain, Estonia and Monaco. A few months ago, it sold its Hungarian unit back to the government, at a loss, for US$250m.
