Telenet completes 100 million new issuance under Senior Credit Facility
Ø Completion of 100 million new debt issuance under the Senior Credit Facility;
Ø Transaction is another step in previously announced financing framework to increase Net Total Debt/EBITDA ratio[1] to approximately 3.5x 2011 EBITDA by end of 2011.
Telenet Group Holding NV ("Telenet" or the "Company") announces that it has completed the issuance of 100 million of debt under its existing credit facility (the "Senior Credit Facility"), which is at the top end of the initial range of 75-100 million. Following the recent voluntary debt exchange and extension process and the issuance of 500 million of debt under the Senior Credit Facility, this transaction represented another step in a further optimization of Telenet's capital structure. Telenet has defined a financing framework that will allow for attractive future shareholder disbursements, whilst maintaining flexibility to grow and invest in its business. In order to do so, Telenet intends to increase its Net Total Debt ratio1 to approximately 3.5x 2011 EBITDA by end of 2011.
Press release in attachment.
[1] Calculated as per Senior Credit Facility definition, using net total debt, excluding subordinated shareholder loans, capitalized elements of indebtedness under the clientele and annuity fees and any other finance leases, divided by last two quarters' annualized EBITDA.
