Telenet launches voluntary exchange offer for Term Loan G

  • Proposal seeks to partially extend Term Loan G by another two years;
  • No net increase of debt - leverage ratio remains unchanged.

- Following the successful issuance of €400 million Senior Secured Floating Rate Notes due 2021 by Telenet Finance IV Luxembourg S.C.A., an independent financing company, which closed on June 15, 2011, and the on-lending of the proceeds thereof to Telenet International Finance S.à r.l. ("Telenet International Finance"), a subsidiary of Telenet Group Holding NV ("Telenet" or "the Company"), Telenet International Finance seeks to reprice and extend the maturity of certain tranches under its existing €2,930 million senior credit facility. At the same time, Telenet International Finance seeks to extend the revolving facility under its senior credit facility to December 31, 2016.

To this end, Telenet International Finance announced that it will start a voluntary exchange process for Term Loan G under its senior credit facility. Existing lenders in Term Loan G will have the opportunity to exchange their existing participations and commitments for participations and commitments in new Term Loans either with unchanged maturity at July 31, 2017 or with an extended maturity of two years (to July 31, 2019), in each case repriced in line with current market conditions.

This leverage-neutral transaction will further extend the average maturity profile of Telenet's debt and improve the stability of Telenet's debt capitalization by providing additional cash flow flexibility at very attractive market conditions.

As of March 31, 2011, Telenet carried a Net Total Debt ratio of 2.8x EBITDA. Telenet's debt is rated Ba3 (Moody's) and BB+ (Fitch).

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About Telenet group

As a provider of entertainment and telecommunications services in Belgium and Luxembourg, Telenet group aims to offer its customers the best possible experience in the digital world. Through its Telenet, BASE and TADAAM brands, the company provides digital television, internet, and fixed and mobile telephony services to residential customers in Belgium. In the Grand Duchy of Luxembourg, Telenet group provides these services under the Eltrona brand. 

Telenet Business serves the business market in Belgium and Luxembourg with connectivity, hosting and security solutions. With more than 3,000 employees, Telenet group has one clear goal: to make living and working easier and more enjoyable. 

Telenet group is an integral part of Ziggo Group, which brings together Telenet group and VodafoneZiggo. Telenet group continues to operate under its own brands and remains responsible for its customers, employees, strategy and performance in its markets. Ziggo Group is 90% owned by Liberty Global and 10% owned by Vodafone Group. 

More information about Telenet group and its products is available on the Telenet website. The Telenet group newsroom can be found on the press website. 

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