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Telenet calls 10% of notes due 2027, to also redeem notes due 2024
By Wendy Van Sickle
Columbus, Ohio, Feb. 26 – Telenet called €53 million, or 10%, of its senior secured notes due 2027 for redemption, according to a notice.
The notes will be redeemed on March 8 at 103 plus any additional amounts called for under the indenture and accrued interest to but excluding the redemption date.
Bank of New York Mellon is the paying agent for the 2027 notes.
Telenet also plans to redeem its senior secured notes due 2024 using proceeds from a $301 million add-on term loan B, a market source said on Monday.
The new term loan has a coupon of Libor plus 250 basis points with a 0% Libor floor and will be offered at an original issue discount of 99.75.
The partial redemption of the 2027 notes is to be funded by cash on the company’s balance sheet.
Telenet is a Mechelen, Belgium-based provider of cable broadband services.
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