Greece: Forthnet considering bond sale
May 8, 2015
Forthnet, Greece’s largest pay-TV provider, is speeding up talks with creditors on refinancing, according to CEO Panos Papadopoulos.
The company, which is the subject of two separate bids from Deutsche Telekom and Vodafone is considering issuing a €100 million convertible bond, Papadopoulos revealed in an interview.
“For the last few weeks, we have been in discussions with the banks based on our revised proposal and we hope to reach an agreement soon,” he commented.
Forthnet, which last week signed the extension of an agreement to air the Greek football championship until 2019, is in talks with Greece’s three biggest banks for a plan to refinance its debt by issuing bonds.
The company’s net debt stood at €324 million in short- term borrowings at the end of 2014. Its shares have fallen 11 per cent so far this year, giving it a value of €87.9 million.
Forthnet will announce first-quarter earnings at the end of May. The company’s top priority remains securing its short-term cash flow and its financing, said Papadopoulos.