Plans to list Dutch cableco Ziggo are on hold because of shaky equity markets, according to sources cited by Dow Jones.
A spokesperson for the company cited the official statement: “We have not made a decision for an IPO, but will make sure to be ready…
Plans to list Dutch cableco Ziggo are on hold because of shaky equity markets, according to sources cited by Dow Jones.
A spokesperson for the company cited the official statement: “We have not made a decision for an IPO, but will make sure to be ready should a decision be made.”
Morgan Stanley, JPMorgan, Deutsche Bank and UBS were mandated to manage the flotation.
When it initially emerged Ziggo was set to list, Liberty Global’s chief strategy officer Shane O’Neill declared that his company would consider buying the group, with an offer that would be more attractive financially than the E7bn private equity owners Cinven Warburg were planning to raise on the public markets.
O’Neill also said Liberty was confident that Dutch regulators would not block the monopoly that would result from a takeover of Ziggo, which Liberty already owns the country’s second largest cableco, UPC Holland.
In May, Ziggo amended the terms of its senior credit facilities, extending 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.
It also 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, and acted as MLAs for the F term loan.
