PRIMACOM AG Press release
primacom completes €365m refinancing New facilities secure long-term financing and fund future growth plans
CFO Jens Müller: We are well-placed to execute our successful strategy and continue to grow organically and by acquisition
Leipzig, 22 April 2015 - primacom, the fourth largest cable network operator in Germany, today announced that it has agreed new financing arrangements that underpin the company's growth plans until
2022.
primacom has agreed €355m of new facilities to replace its existing credit structure and a new €10m revolving credit facility for general corporate purposes. The new facilities comprise a €270m first lien tranche priced at 4.75% and a €85m second lien tranche priced at 7%. The €10m RCF is priced at 4.5%.
Jens Müller, primacom CFO, said: 'We are delighted to have concluded these new funding arrangements which both lower our financing costs and provide funding for further expansion. primacom has built an attractive market position over recent years based on a strongly invested network and triple play offering. These new funds provide a solid base from which we can continue to execute our successful strategy and accelerate our growth organically, as well as proving additional headroom for acquisitions.'
In March 2015 primacom announced strong growth in customer numbers, revenues and earnings for the financial year ending December 2014, driven by increased penetration of its triple play offering across its network and the acquisition of DTK group, the sixth largest player in the market. DC Advisory advised primacom on the refinancing.
primacom owns and runs a proprietary, independent, and future-proof high-performance fibre glass hybrid network providing high-end telecommunications and cable TV services to more than 1.2 million connected households. This makes primacom the fourth-largest cable network operator in Germany. primacom has been active in the multimedia and telecom markets since 1998, and it has long been established in the German telecommunications market as a nationwide provider with a regional focus. primacom has built a solid reputation for delivering high-end digital TV, HDTV, digital program packages as well as high speed internet access, and modern telephony solutions to their customers. In addition, primacom designs and provides customizable tailored solutions such as telemetry services for the housing industry. primacom is operating and represented via a Germany-wide network of local offices and currently employs around 450 people with corporate headquarters in Leipzig.
Sitz: Leipzig, Amtsgericht: Leipzig, HRB 29927
Geschäftsführer: Joachim Grendel, Jens Müller, Dipl.-Ing. Wolf Waschkuhn
Enquiries:Kevin Smith / Grant Ringshaw
Citigate Dewe Rogerson
Phone: + 44 (0) 20 7638 9571
Sitz: Leipzig, Amtsgericht: Leipzig, HRB 29927
Geschäftsführer: Joachim Grendel, Jens Müller, Dipl.-Ing. Wolf Waschkuhn
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