Telenet enters into $2.3 billion term loan, €1.11 billion term loan

By Sarah Lizee

Olympia, Wash., Jan. 30 – Telenet Financing USD LLC, Telenet International Finance Sarl and Telenet BVBA entered into additional facility accession agreements on Jan. 24, under which lenders agreed to provide a $2,295,000,000 term loan facility and a €1.11 billion term loan facility, according to an 8-K filing with the Securities and Exchange Commission.

Bank of Nova Scotia is the facility agent.

The U.S. term loan will be issued at a price of 99.75, and the euro term loan will be issued at par.

The final maturity date of the U.S. term loan will be April 30, 2028, and the final maturity date of the euro term loan will be April 30, 2029.

Interest on the U.S. term loan will be Libor plus 200 basis points, and interest on the euro term loan will be Euribor plus 225 bps, both subject to a Libor floor of 0%.

Telenet Financing USD may use the facility for general corporate purposes and working capital purposes, including debt repayment of the group.

The net proceeds from the U.S. term loan and euro term loan, together with existing cash, will be used to prepay in full a term loan AN facility and a term loan AO facility, respectively.

Telenet is a Mechelen, Belgium-based cable operator.

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