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Successful Refinancing Completed
Arqiva is pleased to announce that it has successfully completed the refinancing of its existing credit facilities which include:
- £353.5m bank term loan, due to mature in February 2018;
- capital expenditure, working capital facilities, due to mature in February 2018; and
- the Group’s liquidity facilities.
The Group has extended the maturity of its facilities and simplified its financing arrangements by establishing the following:-
- £218.5m amortising sterling denominated floating rate US private placement with a final maturity of December 2029
- £255m amortising term bank facilities with an expected maturity of June 2020 and a legal final maturity of December 2024
- A £390m undrawn bank facility for working capital and capital expenditure purposes that has an expected maturity of March 2021
- A £250m undrawn liquidity facility that replaces the existing liquidity facility, which debt holders will be aware is a typical requirement for securitisation structures.
In line with the financings that have taken place since 2013, Arqiva has restructured the interest rate swaps linked to the £353.5m bank term loan to remove the breaks and match the profile of the new instruments established.
S&P and Fitch have confirmed their rating of Arqiva’s senior debt at BBB.
“This successful refinancing provides a solid foundation for the development of Arqiva as the UK’s largest independent towers company and communications infrastructure group.”
Arqiva is a leading UK communications infrastructure and media services provider dedicated to connecting people wherever they are through the delivery of TV, radio, mobile and the Internet of Things (IoT). We are an independent provider of telecom towers, with circa 8,000 active sites across Great Britain, and are also the only supplier of national terrestrial television and radio broadcasting services in the UK. Our advanced networks support the exponential growth of connected devices and the ever-increasing demand for data from smartphones to tablets, connected TVs, smart meters, cars and medical devices.
Customers include major UK and international broadcasters such as the BBC, ITV, Sky Plc., Turner Broadcasting, the independent radio groups, major telco providers – including the UK's four mobile network operators – and retail, leisure, energy and water companies.
For further information, please contact:
Charlie Harrison or Liz Morley
+44 (0)203 772 2595