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Com Hem to call Norcell’s euro notes in November, new bonds possible
New York, Sept. 15 – Com Hem Holding AB said that it plans to redeem the €187 million of 10¾% euro notes issued by NorCell Sweden Holding 2 AB in November as part of a refinancing that may include new bonds at some point in the future.
Funding for the redemption will come from a new credit facility, according to a press release. The credit facility is SEK 1 billion in size and is being provided by DNB.
Com Hem will also draw on new short-term facilities totaling SEK 500 million from Nordea and Danske Bank and from unused capacity available under its existing facilities.
Com Hem expects to cut its interest cost by SEK 100 million a year compared to the level in the second quarter of this year, reducing the average interest cost to 3.5% from 4.5%.
Long term the company is aiming for “diversified funding” including both bond and bank financing.
As a result, Com Hem will consider issuing new bonds “when market conditions are deemed favorable,” according to the news release.
Com Hem is a Stockholm-based supplier of television, high-speed broadband and fixed telephony.
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