Information
The transfer will enable the corporate to save lots of roughly €15 million in annual curiosity repayments
United Group B.V., the Netherlands-based telecommunications and media operator, has accomplished a €1.5 billion bond refinancing bundle, a transfer it says displays its sturdy potential for long-term development.
The refinancing noticed the corporate concern €1.13 billion of latest floating price notes (FRNs) and €355 million of latest PIYC PIK (Pay-if-you-Can, Pay-in-Type) Notes. This new debt matures in 2031 and 2033, respectively.
The proceeds used from the refinancing will repay €480 million of present FRNs due 2029, €650 million of FRNs due 2031, and €351 million of present PIYC PIK notes due 2029.
Consequently, the corporate expects to save lots of €15 million of annual curiosity in addition to an extension of the Group’s debt maturity profile.
“We’re delighted with the end result of this transaction. It has not simply lowered our funding value, however this was an extra vote of confidence from our bond buyers and builds on the constructive momentum following our sturdy Q3 outcomes,” stated Stan Miller, CEO of United Group. “It displays our disciplined method to capital construction administration and enhances our monetary flexibility, permitting us to proceed executing our technique in our core EU markets, advancing our development agenda, and creating long-term worth for our stakeholders.”
That is the second spherical of bond refinancing in two months, with the corporate having reshuffled €400 million of debt in December final yr, in response to the corporate’s newest fiancial outcomes.
Alongside debt refinancing, United Group has additionally been energetic in simplifying its portfolio lately, promoting non-core infrastructure and property to deleverage and concentrate on core markets.
Final yr, the corporate agreed to promote Serbia Broadband (SBB) to Abu Dhabi-based e& for €825 million. It additionally offered NetTV Plus, SBB’s direct-to-home providers, and sports activities rights to native rival Telekom Srbija for €652 million.
The operator continues to function telecoms corporations in Bulgaria, Croatia, Slovenia, Montenegro, Bosnia and Herzegovina, Greece, and North Macedonia.
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