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Arqiva refinances debt

UK-based TV facilities and transmission specialist Arqiva has refinanced its existing credit lines. The news was confirmed ahead of the company’s Q1 results on November 28th.

This includes a £353.5 million bank term loan, due to mature in February 2018; capital expenditure, working capital facilities, due to mature in February 2018; and the group’s overall liquidity facilities.

The company said it extended the maturity of its facilities and simplified its financing arrangements by establishing:

  • £218.5 million amortising sterling denominated floating rate US private placement with a final maturity of December 2029;
  • £255 million amortising term bank facilities with an expected maturity of June 2020 and a legal final maturity of December 2024;
  • £390 million undrawn bank facility for working capital and capital expenditure purposes that has an expected maturity of March 2021;
  • £250 million undrawn liquidity facility that replaces the existing liquidity facility.

S&P and Fitch confirmed their ratings of Arqiva’s senior debt at BBB.

Liliana Solomon, CFO of Arqiva, commented: “This successful refinancing provides a solid foundation for the development of Arqiva as the UK’s largest independent towers company and communications infrastructure group.”

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