Everything Everywhere seeks to re-finance parent company debt

Everything Everywhere seeks to re-finance parent company debt

Everything Everywhere is planning to pay back £875m of loans to its two parent companies, Deutsche Telekom and France Telecom, in a bid to become a wholly independent operation, say banking sources.

According to a report in the Financial Times, the funding will be fuelled by seven banks, including HSBC, RBS Morgan stanley, Barclays,  Lloyds, Bank of Tokyo Mitsubishi and JPMorgan.

Everything Everywhere will also use the relationship with the banks to help it tap the bond market next year to raise as much as £800m for future corporate investment, banking sources told the FT.

The company was in talks with credit rating agencies about providing a rating, they added.

The FT said the moves are likely to feed rumours about the eventual exit of the two shareholders through an initial public offering of shares or a sale, though there is no suggestion that either is in negotiations at present.

Written by Mobile Today
Mobile Today

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re-float Orange again in a way? Market getting tougher in UK - no longer a growth play.
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