Cableco Ziggo has amended the terms of its senior credit facilities to take advantage of favourable market conditions.
The company extended the maturities of its existing B and C term loans by 2.5 years, while also securing a new E460m (F) term loan….
Cableco Ziggo has amended the terms of its senior credit facilities to take advantage of favourable market conditions.
The company extended the maturities of its existing B and C term loans by 2.5 years, while also securing a new E460m (F) term loan. This new loan refinances the E210m C loan and a E250m second lien (D) loan. It matures on 17 September, and was priced at 325 bp over Euribor.
In addition, Ziggo announced that 89% of its term loan B lenders extended the maturity of their commitments by 2.5 years.
Morgan Stanley and ING led the amend and extend consent process. They also acted as MLAs for the F term loan.
Meanwhile, the company has reportedly hired Deutsche Bank, JPMorgan, Morgan Stanley and UBS to manage a potential IPO that could take place in Q2.
But US cableco Liberty Global is on the verge of placing a bid for the group to scupper plans for a listing, saying that Ziggo would make an even better fit than Germany’s Kabel BW, which it has recently agreed to buy.
Cinven and Warburg Pincus, Ziggo’s owners had hired specialist advisory firm STJ to help find bookrunners for an IPO.
Ziggo declined to comment on the speculation, and a spokesman insisted that no decision had been made on whether it should list.
Parliament is delaying amendments to its Telecommunications Act to define proposals concerning site fees and LTE incorporation.
The government feels more clarification is needed on the impact to cable networks if the digital dividend is used for LTE, and the fees operators will be able to charge third parties for access to their antenna sites.
