Coditel Refinances LBO as Cable Firms Outperform in Loan Market
Nov. 15 (Bloomberg) -- Coditel Holding SA refinanced debt to pay for its buyout by Apax Partners LLP as a surge in demand for cable company loans belies wider market malaise.
The main provider of pay TV and broadband services in the Benelux countries raised 260 million euros ($353 million) of loans last week as actively-traded loans fell 0.34 percent to 86 cents on the euro, according to data from Markit Group Ltd. Cable loans trade at 96 cents on the euro on average.
Concern about the potential break-up of the euro amid fiscal imbalances from Greece to Ireland has driven up borrowing costs for buyouts to 434 basis points more than benchmark rates from 419.8 since July, according to data compiled by Bloomberg. Leveraged loan issuance in the region declined to $200 million in the first two weeks of November, less than half of the $544 million in the same period in 2010.
“Cable is seen as a safe-haven given the macro-economic backdrop due to its stable revenue bases and growth,” said Peter Din, a high-yield analyst at Mizuho Corporate Bank Ltd. in London. “It’s not the cheapest sector, but it is a place where you can put money and sleep at night.”
New lenders to Coditel provided 140 million euros of senior loans and 100 million euros of junior-ranking mezzanine financing, Bloomberg data show. Apax and its fellow investors agreed to increase the equity portion of the buyout financing by 20 million euros, the people said.
Coditel, spun off from France’s Numericable SAS in May, originally planned to sell bonds to repay loans used to fund its buyout by Apax, Deficom Group SA and Altice One. The Luxembourg- based company pulled the bond on July 21 because of volatility.
Crisis Haven
Resilient consumer demand for high-speed internet and video-on-demand has created a haven for investors seeking refuge from the deepening euro-region debt crisis.
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15 (Bloomberg) -- Coditel Holding SA refinanced debt to pay for its buyout by Apax Partners LLP as a surge in demand for cable company loans belies wider market malaise. The main provider of pay TV and broadband services in the Benelux countries raised
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In addition, also subsequent to the close of the quarter, Xfone received long-term funding of $7.5 million related to its loan agreement with ICON Agent LLC. This financing will be used in part to pay off the Company's short term debt.
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