The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market.
- The additional USD Term Loan AI2 carries the same characteristics as the initial Term Loan AI being (i) a margin of 2.75% over LIBOR, (ii) a 0% floor and (iii) a maturity of June 30, 2025. Term Loan AI2 was issued at par amidst buoyant investor demand
- Net proceeds of this issuance will be used to prepay all outstanding amounts under the 6.25% €450.0 million Senior Secured Fixed Rate Notes due August 2022
- Through this leverage-neutral transaction, Telenet extends the average tenor of its debt maturity profile at current attractive market conditions
Brussels, May 15, 2017 - Telenet Group Holding NV ("Telenet" or the "Company") announces the successful issuance and pricing of an additional USD 500.0 million Term Loan ("Facility AI2"). Facility AI2 carries the same characteristics as the initial Facility AI which was issued on April 4, 2017. As such, Facility AI2 carries (i) a margin of 2.75% over LIBOR, (ii) a 0% floor and (iii) a maturity of June 30, 2025. Term Loan AI2 was successfully issued at par.
Telenet Financing USD LLC intends to on-lend the net proceeds of this issuance to Telenet International Finance S.à r.l., which will use such proceeds to prepay Facility U under Telenet's 2015 Amended Senior Credit Facility, of which the lender is Telenet Finance V Luxembourg S.C.A. ("TFLV"). TFLV will in turn use the proceeds from the prepayment of Facility U to redeem the €450.0 million Senior Secured Notes due August 2022.
Through this transaction, the Company has succeeded in extending the average tenor of its debt maturities from 8.3 years at the end of April 2017 to 8.6 years post-refinancing at attractive market conditions, while locking in long-term attractive interest rates. Post the repayment of the Senior Secured Notes, the Company would face no debt amortizations prior to 2024, taking into account the fact that the outstanding amounts under the revolving credit facilities have been repaid in October 2016.
The settlement of the aforementioned refinancing will occur in due course.
J.P. Morgan Limited acted as Mandated Lead Arranger and Global Coordinator with The Bank of Nova Scotia, BNP Paribas Fortis SA/NV and Goldman Sachs acting as Mandated Lead Arrangers and Joint Bookrunners.
Contacts
Investor Relations: Rob Goyens - rob.goyens@staff.telenet.be - Phone: +32 15 333 054
Press & Media Relations: Stefan Coenjaerts - stefan.coenjaerts@staff.telenet.be - Phone: +32 15 335 006
Legal: Bart van Sprundel - bart.van.sprundel@staff.telenet.be - Phone: +32 15 333 495
About Telenet - As a provider of entertainment and telecommunication services in Belgium, Telenet Group is always looking for the perfect experience in the digital world for its customers. Under the brand name Telenet, the company focuses on offering digital television, high-speed Internet and fixed and mobile telephony services to residential customers in Flanders and Brussels. Under the brand name BASE, it supplies mobile telephony in Belgium. The Telenet Business department serves the business market in Belgium and Luxembourg with connectivity, hosting and security solutions. More than 3,000 employees have one aim in mind: making living and working easier and more pleasant. Telenet Group is part of Telenet Group Holding NV and is quoted on Euronext Brussel under ticker symbol TNET. For more information, visit www.telenet.be. Telenet is 57% owned by Liberty Global - the world's largest international TV and broadband company, investing, innovating and empowering people in more than 30 countries across Europe, Latin America and the Caribbean to make the most of the digital revolution.
Additional Information - Additional information on Telenet and its products can be obtained from the Company's website http://www.telenet.be. Further information regarding the operating and financial data presented herein can be downloaded from the investor relations pages of this website. The Company's Consolidated Annual Report 2016 as well as unaudited condensed consolidated interim financial statements and presentations related to the financial results for the three months ended March 31, 2017 have been made available on the investor relations pages of the Company's website (http://investors.telenet.be).
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