(Alliance News) - Helios Towers PLC on Monday launched an offer of USD425 million senior notes due 2025, alongside a tender offer for up to USD325 million of existing 9.125% senior notes due 2022.
Shares in Helios were up 4.2% at 195.94 pence in London in morning trading.
Proceeds from the new 2025 notes, along with Helios's USD7 million of cash on hand, will be used to finance the purchase of the 2022 notes as well as to repay a USD125 million term loan facility and cover fees and expenses from the refinancing and tender offer.
Helios has obtained a USD135 million term loan, which may increase to up to USD200 million, for "general corporate purposes", including acquisitions. This replaces the USD125 million term loan, which will be cancelled once the notes offering is complete.
Helios has also entered a revolving credit facility "for the purpose of financing or refinancing the general corporate and working capital needs". Commitments under this facility amount to 10% of the principal amount of any notes offering up to a USD70 million maximum.
The 2022 notes tender will run to July 6, unless extended or terminated early. The outstanding principal amount of the 2022 notes is USD600.0 million, while the tender maximum is USD325 million, though this can be increased at Helios's discretion.
By Anna Farley; annafarley@alliancenews.com
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Helios Towers (HTWS)