Belgian cableco Telenet has launched an offer to extend three existing term loans in a new euro-denominated term loan worth at least €500m (US$690.3m).
At the same time, Telenet will seek to extend the size and tenure of a €158m (US$218.14m)…
Belgian cableco Telenet has launched an offer to extend three existing term loans in a new euro-denominated term loan worth at least €500m (US$690.3m).
At the same time, Telenet will seek to extend the size and tenure of a €158m (US$218.14m) revolver due 2016 under the same 2010 amended senior credit facility, according to a company statement.
Holders of term loans Q, R and T under the 2010 facility are invited to extend their maturity to June 2022 in the new loan, to be known as term loan W.
Any new money raised will be used to repay the company’s €100m worth of 5.3% senior secured notes due 2016 and outstanding amounts under existing term loans, starting with term loan Q. Term loan Q totals €431m and currently matures in 2017, term loan R totals €798.6m and matures in 2019, and term loan T totals €175m and matures in 2018.
In addition, the Brussels-listed cable operator will submit a redemption notice for the 2016 notes.
“This transaction will be leverage neutral and further extend the average life of Telenet’s debt,” the company said.
BNP Paribas, RBS and Scotiabank are the mandated lead arrangers for the extension.
Telenet reported net debt of €3.87bn as of 31 December 2013, of which €1.4bn is owed under the 2010 amended senior credit facility. This equated to a net debt to consolidated annualised EBITDA ratio of 4x.
