Successful issuance and pricing of USD 475.0 million Term Loan and EUR 205.0 million Term Loan
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, August 8, 2018 – Telenet Group Holding NV (“Telenet” or the “Company”) (Euronext Brussels: TNET) announces the successful issuance and pricing of an additional USD 475.0 million Term Loan (“Facility AN2”) and an additional EUR 205.0 million Term Loan (“Facility AO2”).
Under Facility AN2, Telenet Financing USD LLC will be the borrowing entity. Facility AN2 carries the same characteristics as the initial Facility AN, which was issued on May 24, 2018. As such, Facility AN2 carries (i) a margin of 2.25% over LIBOR, (ii) a 0% LIBOR floor and (iii) a maturity of August 15, 2026. Facility AN2 was successfully issued at 98.5%.
Under Facility AO2, Telenet International Finance S.à r.l. will be the borrowing entity. Facility AO2 carries the same characteristics as the initial Facility AO, which was issued on May 25, 2018. As such, Facility AO2 carries (i) a margin of 2.50% over EURIBOR, (ii) a 0% EURIBOR floor and (iii) a maturity of December 15, 2027. Facility AO2 was successfully issued at 98.0%.
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 contribute towards newly announced, and existing, shareholder distributions and other general corporate purposes.
Through these transactions, the Company increased its leverage to 3.8x and maintains the average tenor of its debt slightly below 9.0 years post-transactions at attractive market conditions.
The settlement of the aforementioned financing will occur in due course.
For both Facility AN2 and Facility AO2, Goldman Sachs acted as Mandated Lead Arranger and Global Coordinator with Deutsche Bank, ING, Rabobank, Société Générale and The Bank of Nova Scotia, acting as Mandated Lead Arrangers and Joint Bookrunners.