Telenet announces 1,357.0 million new issuance under the 2010 Amended Senior Credit Facility
- Telenet International Finance successfully issued two new Term Loans W and Y for an aggregate principal amount of 1,357.0 million;
- New 8-year Term Loan W of 474.1 million, carrying a margin of 3.25% over Euribor;
- New 9-year Term Loan Y of 882.9 million, carrying a margin of 3.50% over Euribor - first European cable company to successfully issue a Term Loan with a 9-year tenor;
- Net proceeds of this net leverage-neutral transaction, together with available cash and cash equivalents, will be used to fully redeem the outstanding amounts under the Term Loans Q, R and T and the 100.0 million Senior Secured Notes due 2016;
- New Revolving Facility X of 286.0 million due September 30, 2020, resulting in total undrawn commitments of 321.4 million;
- As a result, Telenet International Finance will not face any debt amortizations prior to November 2020 and was able to extend the average maturity of its debt at attractive market conditions.
- On March 24, 2014, Telenet International Finance S.à r.l. ("Telenet International Finance"), a wholly owned subsidiary of Telenet Group Holding NV ("Telenet" or the "Company") (Euronext Brussels: TNET) and which acts as the Group's financing subsidiary, announced an extension offer for Term Loans Q, R and T under its existing 2010 Amended Senior Credit Facility and the redemption of its 5.3% Senior Secured notes due 2016 ("Facility N" under the existing 2010 Amended Senior Credit Facility). Holders of Term Loans Q, R and T were invited to extend their maturity to June 2022 in a new -denominated Term Loan W with a minimum size of 500.0 million. Proceeds of any new money raised to supplement non-rolled exposure was intended to be used to repay the 5.30% Senior Secured Notes due 2016 and existing Term Loans.
As a result of the aforementioned refinancing, Telenet International Finance issued a new 474.1 million floating rate Term Loan under the 2010 Amended Senior Credit Facility ("Facility W") due June 30, 2022 carrying a margin of 3.25% over Euribor. In addition, Telenet International Finance issued a new 882.9 million floating rate Term Loan under the 2010 Amended Senior Credit Facility ("Facility Y") due June 30, 2023 carrying a margin of 3.50% over Euribor. The net proceeds of these new issuances, together with available cash and cash equivalents, will be used to fully redeem the outstanding amounts under Term Loans Q, R and T and the 100.0 million Senior Secured Notes due 2016. Consequently, the Company faces no debt amortizations prior to November 2020 and was able to extend the average maturity of its debt at attractive market conditions. The refinancing has been led by BNP Paribas Fortis, RBS and Scotiabank
In addition, as part of the aforementioned refinancing, Telenet International Finance also launched an extension process for its existing Revolving Facility ("Facility S") with maturity December 31, 2016 carrying a margin of 2.75% over Euribor. Lenders under the Revolving Facility were asked to renew and extend their commitments into a new Revolving facility ("Facility X") with maturity September 30, 2020 carrying a margin of 2.75% over Euribor. As a result, Telenet International Finance has full access to a committed Revolving Facility of 321.4 million, being 35.4 million under "Facility S" (with availability up to December 31, 2016) and 286.0 million under "Facility X" (with availability up to September 30, 2020).
The table in the attachted press release provides an overview of our debt instruments and payment schedule at the end of March 2014, post refinancing.
