Press Release Telenet : Successful issuance and pricing of a new €1.6 billion and a USD 1.5 billion Term Loan due 2025

Thursday, November 3, 2016 —

  • 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%.


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