Lpc numericable launches 800 mln euro leveraged loan refi

← Homepage

French telecoms company Numericable is seeking to raise an extra 800 million euros ($867.68 million) of debt to refinance a portion of its existing loans, banking sources said on Tuesday. The opportunistic covenant-lite leveraged loan will refinance borrowings under its revolving credit facility and comes after parent company European cable and telecoms group Altice successfully carried out a similar deal for its International division last week. BNP Paribas and Credit Suisse are leading the debt financing alongside Barclays, Credit Agricole, Deutsche Bank, Morgan Stanley, Nomura and RBC, the sources said.

The term loan will tap investor liquidity from both the European and US markets and a call with lenders is due to take place on July 21. Lenders have been asked to commit to the financing by July 24, the sources said.

The loan is guided to pay an interest margin of 325 basis points (bp), with a 75bp Libor/Euribor floor, which guarantees a minimum return to investors, the sources said. It is expected to be offered with an Original Issue Discount of 99.5, one of the sources added.

It is the latest leveraged loan to launch in the past couple of weeks as borrowers and lenders take advantage of strong loan market liquidity and a more stable macroeconomic environment to carry out deals before a perceived summer slowdown. Last year Numericable bought French telecoms firm SFR from Vivendi, backed with a 4.7 billion euro-equivalent leveraged loan for the company, which formed part of a wider $21.9 billion-equivalent loan and bond financing. ($1 = 0.9220 euros)

Always prepare before you make a choice. There is so much info about nrgprovider at http://nrgprovider.com