Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

http://www.businessweek.com/news/2013-01-04/arqiva-shareholders-to-provide-1-dot-3-billion-to-aid-refinancing

Bloomberg News

Arqiva Shareholders to Provide $1.3 Billion to Aid Refinancing

January 04, 2013

Arqiva Ltd.’s shareholders will provide a 780 million-pound ($1.3 billion) equity injection as the U.K. broadcast transmission provider seeks to refinance 3.7 billion pounds of debt.

The company’s seven shareholders have agreed to contribute 400 million pounds of new equity in addition to 380 million pounds of existing reserves to facilitate the deal, company spokesman Gary Follows said in an e-mail.

Arqiva is in negotiations with 20 banks for about 2.5 billion pounds of loans to help refinance its current facility, which starts to mature in 2014, Follows said. The company also plans to sell 500 million pounds of senior investment-grade bonds and a junior holding company bond in the first quarter to replace the remainder, he said.

Arqiva’s two largest shareholders are Canada Pension Plan Investment Board with a 48 percent stake and Macquarie European Infrastructure Fund 2, which owns 25 percent, according to the company’s website. The owners haven’t taken dividends since 2009, allowing cash reserves to build, Follows said in the e- mail.

To contact the reporters on this story: Stephen Morris in London at smorris39@bloomberg.net; Tom Freke in London at tfreke@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus