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Ziggo gets new EUR 800 mln facility, wants more
2013-03-18 09:26:00| Telecompaper Headlines
(Telecompaper) Ziggo has received commitments for a new EUR 800 million senior secured credit facility and that it has mandated Goldman Sachs and JP Morgan to set up a series of investor meetings in view of a potential additional refinancing, which may include a capital markets transaction. The new facility will consist of a EUR 400 million revolving credit facility and a EUR 400 million loan. Both will have a five-year maturity. Ziggo will use proceeds to partially refinance its existing senior secured credit facility. The cable provider said that there has been no material change in its trading or financial position since end December. Trends for RGUs are currently in line with RGU trends during Q4 2012, when it experienced increased churn as a result of a market developing towards triple-play, as well as increased competition from other operators. Ziggo plans to launch some new campaigns in Q2, focusing on customer loyalty and churn reduction. It reiterated its guidance for 2013, with EBITDA expected to rise 2.5-3.5 percent and revenue a bit more, and anticipates an increase in revenue momentum over the course of 2013 as marketing initiatives take effect. Capex for 2013 is expected at EUR 320-330 million.
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Category:Telecommunications