Banks are putting together a package of loans and bonds to fund an acquisition of towerco TDF’s French assets by Dering Capital, the only remaining bidder in the process.
Banks leading the €2.65bn (US$3.62bn) financing are BNP Paribas, Goldman…
Banks are putting together a package of loans and bonds to fund an acquisition of towerco TDF’s French assets by Dering Capital, the only remaining bidder in the process.
Banks leading the €2.65bn (US$3.62bn) financing are BNP Paribas, Goldman Sachs, Citigroup and Credit Suisse, a telecoms banker told TelecomFinance.
Syndication of the package, which will include leveraged loans and senior secured and unsecured bonds, is expected within weeks.
In January, news emerged that private equity firm Dering, founded by former Blackstone executive Ben Jenkis, was the sole remaining bidder in the race to buy TDF’s French assets.
Rival suitors Canadian pension funds CPPIB and PSP Investments and telecoms towerco American Tower dropped out earlier, reportedly because TDF’s shareholders – TPG, Axa Private Equity, FSI and Charterhouse – would not budge on the €4bn (US$5.3bn) asking price.
Last September, it was reported that Dering had submitted a €3.8bn (US$5bn) non-bidding offer for the assets.
TDF’s €4bn valuation is based on a multiple of 10.5-11.5x the French assets’ FY2012 EBITDA of €380m.
TDF, which provides radio and TV transmission services using its satellite, internet and tower operations, is present in France, Germany, Hungary, Poland, Spain, Estonia and Monaco.
On its website, Dering describes itself as a merchant bank which partners with sovereign wealth funds, pension systems, foundations, endowments and family offices for its investments.
