The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.
Brussels, March 2, 2018 – Telenet Group Holding NV (“Telenet” or the “Company”) (Euronext Brussels: TNET) announces the successful issuance and pricing of an additional USD 300.0 million Term Loan (“Facility AL2”), under which Telenet Financing USD LLC will be the borrowing entity. Facility AL2 carries the same characteristics as the initial Facility AL, which was issued on December 1, 2017. As such, Facility AL2 carries (i) a margin of 2.50% over LIBOR, (ii) a 0% LIBOR floor and (iii) a maturity of March 1, 2026. Facility AL2 was successfully issued at par.
Telenet Financing USD LLC intends to on-lend the net proceeds of this issuance to Telenet International Finance S.à r.l., which will use such proceeds, together with existing cash, to prepay Facility V under Telenet’s 2017 Amended Senior Credit Facility, of which the lender is Telenet Finance V Luxembourg S.C.A. (“TFLV”). TFLV will in turn use the proceeds from the prepayment of Facility V to redeem in full its 6.75% €250.0 million Senior Secured Notes due August 2024.
In addition, Telenet International Finance S.à r.l. will use current cash and cash equivalents to prepay 10% of Facility AB under Telenet’s 2017 Amended Senior Credit Facility, of which the lender is Telenet Finance VI Luxembourg S.C.A. (“TFLVI”). TFLVI will in turn use the proceeds from the prepayment of 10% of Facility AB to redeem 10% of the original aggregate principal amount of its 4.875% €530.0 million Senior Secured Notes due July 2027.
Through these substantially leverage-neutral transactions, the Company has succeeded in slightly extending the average tenor of its debt maturities which stands at over 9 years post-refinancing at attractive market conditions, while locking in long-term attractive interest rates and conducting a more active cash management policy. With the repayment of the €250.0 million Senior Secured Notes due August 2024, the Company will face no debt amortizations prior to March 2026.
The settlement of the aforementioned refinancing will occur in due course.
For Facility AL2, Goldman Sachs acted as Mandated Lead Arranger and Global Coordinator with The Bank of Nova Scotia, Société Générale and BNP Paribas Fortis SA/NV acting as Mandated Lead Arrangers and Joint Bookrunners.