11/25/2011 12:41:48 PM
Everything Everywhere announces successful £875m debt refinancing
Everything Everywhere has announced new bank financing facilities of £875m. The facilities comprise a term loan and a multi-currency revolving credit facility with maturities of between three and five years.
The facilities will be used to refinance part of the £1.25bn shareholder loan provided equally on Everything Everywhere’s formation by its parent companies, Deutsche Telekom and France Telecom. The refinancing does not change the ownership of Everything Everywhere, with Deutsche Telekom and France Telecom each continuing to own 50% of the business.
The new facility is provided by a group of banks comprising The Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, HSBC Bank, J.P. Morgan, Lloyds Bank Corporate Markets, Morgan Stanley and Royal Bank of Scotland.
Everything Everywhere CFO Neal Milsom commented: ‘We are pleased to receive the support of the high quality lenders who are participating in our new bank financing facilities, recognising the strength of Everything Everywhere as the largest mobile network operator in the UK.’