French telecoms and media group Vivendi has secured a E5bn syndicated loan to fund the acquisition of mobile operator SFR’s stake and refinance existing debt.
The loan facility consists of a E1.5bn tranche A maturing at the end of 2012; a three-year…
French telecoms and media group Vivendi has secured a E5bn syndicated loan to fund the acquisition of mobile operator SFR’s stake and refinance existing debt.
The loan facility consists of a E1.5bn tranche A maturing at the end of 2012; a three-year E1.5bn tranche B and a five-year E2bn tranche C. This last tranche refinances a previous syndicated loan of the same amount maturing in April 2012.
Fifteen banks took part in the facility.
The company said that when the acquisition of SFR’s stake is completed, it would be able, if necessary, to call on at least E2bn of undrawn credit lines.
Earlier this month, the company agreed to buy the 44% stake it did not own in SFR from Vodafone for E7.95bn. Vivendi was advised by Rothschild, while Vodafone was advised by Lazard.
When announcing the transaction, Vivendi said it had E3.2bn in cash and E5.9bn of undrawn credit lines.
Vivendi forecasts a net debt of around E13.5bn at the end of 2011.
