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PPF Telecom receives requisite consents for covenant changes
Chicago, Aug. 6 – Central & Eastern Europe-focused PPF Telecom Group BV, formerly PPF Arena 1 BV, announced the successful conclusion of its consent solicitation for four series of notes, according to an announcement.
The telecom received the following amounts of consents for the four series in the solicitation:
• €550,435,000, or 91.7%, of the €600 million outstanding 3½% notes due May 20, 2024 (ISIN: XS2176872849);
• €534,294,000, or 89%, of the €600 million outstanding 2 1/8% notes due Jan. 31, 2026 (ISIN: XS2078976805);
• €432,081,000, or 79.2%, of the €546 million outstanding 3 1/8% notes due Sept. 29, 2027 (ISIN: XS2238777374); and
• €383,767,000, or 77.7%, of the €500 million outstanding 3¼% notes due Sept. 29, 2027 (ISIN: XS2238777374).
PPF was soliciting consents to release the guarantors so that they will no longer be required to reinstate their guarantees upon the incurrence of future debt.
Also, PPF was asking noteholders to consent to certain amendments to existing covenants.
The extraordinary resolutions were passed at the meetings held on Aug. 5.
The consent solicitation started July 13.
The voting deadline was 11 a.m. ET on Aug. 2. The early consent time was 11 a.m. ET on July 22.
Noteholders who consented will receive a consent fee of €3.75 per €1,000 note.
The settlement date is Aug. 9.
BNP Paribas worked as the solicitation agent (+33 1 55 77 78 94, liability.management@bnpparibas.com).
Lucid Issuer Services Ltd. was the tabulation agent (+44 207 704 0880, ppf@lucid-is.com).
The telecommunications infrastructure company operates O2 Czech Republic, CETIN and Telenor CEE.
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