France’s Vivendi has refinanced a €1.5bn (US$1.93bn) bank credit line with a new facility set to mature in five years’ time.
The media and telecoms group said in a short statement that the new credit line has been successfully placed with 16…
France’s Vivendi has refinanced a €1.5bn (US$1.93bn) bank credit line with a new facility set to mature in five years’ time.
The media and telecoms group said in a short statement that the new credit line has been successfully placed with 16 banks. The original credit line was due to mature in May 2014.
“It enables the group to strengthen its financial structure, in particular to maintain its average debt maturity over four years,” the company stated.
Vivendi launched a strategic review of its operations last year and sales processes for two of its three telecoms units: GVT in Brazil and Maroc Telecom in Morocco. The company has repeatedly denied persistent rumours that its French telco SFR is for sale. The sale of GVT was suspended last month after US satellite broadcaster DirecTV pulled out of the process, but the sale of the 53% stake in Maroc Telecom is ongoing.
Vivendi posted revenues of €28.9bn for 2012, of which the telcos contributed €15.7bn. The group’s EBITA stood at €5.28bn, while net debt totalled €13.4bn.
Vivendi is set to hold its AGM at the end of the month.
