Arqiva refinances debt
November 29, 2016
By Chris Forrester
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.”