Issued 23 February, 2017 eir today announced that eircom Holdings (Ireland) Limited has launched a refinancing of the existing Senior Facilities Agreement (SFA), which has been in place since 11 June 2012.
Since June 2012, the company has made capital investments of €1.5 billion to roll out fibre broadband to 1.6m premises and expand 4G mobile coverage to 95%. This investment underpins the vision to provide converged broadband, mobile, TV and content offerings for customers as eir transforms into a media company. During this time there have also been significant improvements in operational and financial performance coupled with a strengthened balance sheet. This was recently acknowledged by the recent upgrades by all three ratings agencies.
The current quantum of the credit agreement is €1.6 billion and has been amended and restated from time to time since June 2012. The SFA represents approximately 70% of eir's current borrowings with a maturity date of 2022 and coupon of Euribor + 4%.
Goldman Sachs International have been appointed lead left bookrunner and global coordinator, together with Deutsche Bank AG, London Branch and J.P. Morgan Limited who are also global coordinators.