NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
On 29 May 2018, TDC A/S entered into new senior secured financing. The new financing comprises the following loan facilities:
- Term Loan B (TLB) of EUR 2,551m (equivalent)
- Uncommitted additional TLB of EUR 1,400m (equivalent)
- Additional TLB backstop facility of EUR 1,008m
- Revolving Credit Facility (RCF) of EUR 500m
The new TLB will be used for purposes of refinancing existing debt of TDC A/S and financing certain dividend payments, subject to the Danish Companies Act. The RCF will be used for purposes of financing the ongoing working capital and capital expenditure needs of TDC A/S and its subsidiaries.
The TLB backstop facility has been put in place to permit a refinancing of TDC A/S' EUR 500m notes due 2022 and GBP 425m notes due 2023, if required. These notes are subject to pending consent solicitations whereby TDC A/S has invited noteholders to consent to waive certain change of control put option rights contained in the terms and conditions of the notes. As a result, TDC A/S does not expect that the TLB backstop facility will be utilised.
The new financing has a maturity of 7 years from closing for the TLB and 6 years from closing for the RCF. If certain debt issued or to be issued by TDC A/S' indirect parent company, DKT Finance ApS, has an earlier maturity date than the TLB and/or the RCF and has not been refinanced or redeemed in full within 90 days of such earlier maturity date, the maturity date of the TLB and the RCF will be reduced so as to fall on the date falling 90 days before such earlier maturity date. Within a period of time after closing, the new senior secured financing will be secured on certain assets of TDC A/S, including its shares in GET AS. In addition, TDC A/S' parent company, DK Telekommunikation ApS, will provide a guarantee in respect of the new financing and grant security over certain of its assets, including its shares in TDC A/S. Certain subsidiaries of TDC A/S will also grant guarantees and security in respect of the new financing.
For inquiries regarding the above please contact TDC Investor Relations, on +45 6663 7680 or investorrelations@tdc.dk .
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