Telenet successfully finalized debt exchange process of existing term loans
¿ Minor impact on interest costs.
- Today, Telenet NV successfully finalized its voluntary exchange process for certain term loans under its 2,300 million Senior Credit Facility. Existing lenders in term loans A, B, D and E had the opportunity to exchange their existing participations and commitments with participations and commitments in a new tranche under the Senior Credit Facility with an extended maturity on July, 2017 at improved economics.
The exchange process resulted in the extension of the average maturity of its term debt to just over 6 years. At the same time, Telenet consolidated its financing arrangements in Telenet International Finance S.A., incorporated in Luxembourg, in order to ensure a more efficient management of the financing structure of the Group. As a result, existing term loans with Telenet NV as borrower have been substituted by identical term loans with Telenet International Finance S.A. as borrower.
The majority of the Term Loans (68%) will now expire in July 2017. This leverage-neutral transaction will further improve stability of Telenet's debt capitalization by providing additional cash flow flexibility to the business.
Please find enclosed the complete press release.
