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Pin to quick picksCordiant Digit. Regulatory News (CORD)

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Emitel refinancing of senior loans

17 Jul 2023 07:00

RNS Number : 1220G
Cordiant Digital Infrastructure Ltd
17 July 2023
 

17 July 2023

 

Cordiant Digital Infrastructure Limited

 

Emitel refinancing of senior loans

 

 

Cordiant Digital Infrastructure Limited ("CORD"), an operationally focused investor in the core digital infrastructure that enables modern communications and the internet, is pleased to announce that its portfolio company, Emitel S.A. ("Emitel"), has refinanced its senior loan facilities with a consortium of leading international and national lenders, under which it has secured PLN 1.57 billion (€353 million equivalent) of financing, maturing in 2030.

 

The new facilities include senior secured term loans of PLN 1.27 billion (of which PLN 370 million - €83 million - is denominated in Euros), a capex facility of PLN 250 million and a revolving credit facility ("RCF") of PLN 50 million.

 

The consortium is comprised of international lenders Citi1, BNP2, Credit Agricole3 and DNB Bank ASA, together with leading Polish banks and financial institutions: PKO Bank Polski S.A., Bank Gospodarstwa Krajowego, PZU S.A., Bank Ochrony Środowiska S.A., Alior Bank S.A. and Bank Pekao S.A. (also acting as credit agent and security agent).

 

The new facilities were 1.6 times oversubscribed and have a blended credit margin lower than the 2.9% of the current senior facilities. The senior secured term loans will be used to retire the existing senior facilities, put in place in 2020. The capex facility and RCF will be applied to support Emitel's growth trajectory by financing its operational activities, new investments and acquisition plans.

 

Following the successful conclusion of this refinancing, CORD and its portfolio companies have no debt maturing until June 2025. The pro forma aggregate leverage ratio of CORD following the refinance is 36% measured as net debt divided by gross assets and the weighted average margin across all debt facilities has declined to 3.1% from 3.25% at 31 March 2023.

 

Steven Marshall, Chairman of the Supervisory Board of Emitel and Co-Managing Partner of Cordiant Digital Infrastructure said, "We are delighted with the support and recognition received from some of the leading banks in Europe with respect to Emitel. Emitel is a national champion in Poland with an outstanding management team and continues to perform strongly. We look forward to working with the company and this group of banks in the future to spur further growth of Emitel. More broadly our portfolio companies are well capitalised as they look to deliver on their growth ambitions."

 

 

1 Through their Polish subsidiary Citi Handlowy

2 Through their Polish subsidiary BNP Paribas Bank Polska S.A.

3 Through their Polish subsidiary Credit Agricole Bank Polska S.A.

 

 

For further information, please contact:

 

Cordiant Capital Inc

Investment Manager

Stephen Foss, Managing Director

+44 (0) 207 2017546

 

Aztec Financial Services (Guernsey) Limited

Company Secretary and Administrator

Chris Copperwaite

Laura Dunning

+44 (0) 1481 748831

 

Celicourt

Financial Communications Adviser

Ali AlQahtani

Philip Dennis

 

+44 (0) 207 770 6424

About Emitel

Emitel is the largest operator in Poland of digital terrestrial television ("DTT") as well as IPTV platforms, the leading radio broadcast emissions provider and a leading provider of network neutral towers and fibre infrastructure.

 

 

 

 

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