Arqiva plans to redeem £600 million notes with £1.5 billion IPO

By Sarah Lizee

Olympia, Wash., Oct. 23 – Arqiva Financing plc said it plans to redeem its £600 million of outstanding junior notes in March 2018 using proceeds from a £1.5 billion initial public offering to be listed on the London Stock Exchange, according to a press release.

Proceeds will also be used to restructure Arqiva Financing No 1 Ltd.’s swap portfolio.

The company is aiming for leverage of 5x net debt to EBITDA after repaying the junior notes.

Arqiva expects to have a free float following the IPO of at least 25% and it is expected that following the admission, the company will be eligible for inclusion in FTSE U.K. indexes.

Arqiva’s current shareholders intend to only sell shares through the over-allotment option of up to 15%.

Goldman Sachs International, HSBC Bank plc and J.P. Morgan Securities plc are acting as joint global coordinators and joint bookrunners.

Winchester, England-based Arqiva is a telecommunications company that provides infrastructure and broadcast transmission facilities in the United Kingdom.

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