- Successful issuance and pricing of a new 8-year 1.6 billion Term Loan and a new 8-year USD 1.5 billion Term Loan, both due January 31, 2025. Amidst buoyant investor demand, Telenet was able to significantly upsize both the and USD tranches and achieved pricing at the tight end of the guidance range
- The new Term Loan carries a margin of 3.25% over EURIBOR with a 0% floor and was issued at par. The new USD Term Loan carries a margin of 3.00% over LIBOR with a 0% floor and was issued at 99.50%
- Net proceeds of these issuances will be used to prepay all outstanding amounts under the 2.2 billion Term Loans due 2022-2023 and the USD 850.0 million Term Loan due 2024
- Tenor extension of the undrawn 381.0 million revolving credit facility from September 2020 to June 2023 at same term and conditions ongoing
- Through this leverage-neutral transaction, Telenet extends the average tenor of its debt maturity profile at current attractive market conditions, while ensuring increased covenant flexibility
- Today, Telenet Group Holding NV ("Telenet" or the "Company") announced the successful issuance and pricing of a 1.6 billion Term Loan ("Facility AE") and a USD 1.5 billion Term Loan ("Facility AF"), both due January 31, 2025. Facility AE carries a margin of 3.25% over EURIBOR with a 0% floor and was issued at par. Facility AF carries a margin of 3.00% over LIBOR with a 0% floor and was issued at 99.50%. Amidst buoyant investor demand, the issuance of both the EUR and USD Term Loans was upsized from an initial 500.0 million and USD 750 million, resulting in tightened pricing compared to initial indicative pricing levels of EURIBOR +3.25-3.50% at 99.75% and LIBOR +3.00-3.25% at 99.50%.
Cfr Press Release