Telenet announces extension offer for Term Loans Q, R and T and redemption of Senior Secured Notes due 2016
- Holders of Term Loans Q, R and T are invited to extend their maturity to June 2022 in a new -denominated Term Loan W with minimum size of 500.0 million;
- Telenet International Finance S.à r.l. will submit a redemption notice for the 5.30% Senior Secured Notes due 2016 (Facility N under the existing 2010 Amended Senior Credit Facility);
- Proceeds of any new money raised to supplement non-rolled exposure will be used to repay the 5.30% Senior Secured Notes due 2016 and existing Term Loans, starting with Term Loan Q;
- Existing Revolving Facility of 158.0 million to be refinanced.
- 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, announces 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). BNP Paribas Fortis, RBS and Scotiabank have been appointed as Mandated Lead Arrangers to manage the extension.
Holders of Term Loans Q, R and T are 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 will be used to repay the 5.30% Senior Secured Notes due 2016 and existing Term Loans, starting with Term Loan Q. This transaction will be leverage neutral and will further extend the average life of Telenet's debt. At the same time, Telenet International Finance seeks to extend both the tenor and the size of the 158.0 million Revolving Facility under the 2010 Amended Senior Credit Facility. Telenet's debt is rated B1 (Moody's) and B+ (S&P).
