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ISP TalkTalk UK in £500m Move to Refinance Existing Debt

Monday, February 10th, 2020 (4:49 pm) - Score 1,483

Budget broadband ISP TalkTalk, which is currently in the process of selling their FibreNation FTTH network to Cityfibre for £200m (here), has today announced a £500m corporate bond issue that looks like it will be used to help refinance the provider’s existing debt pile.

Assuming the £200m FibreNation sale goes ahead then that will help to trim TalkTalk’s debt, although it’s worth noting that under the IFRS 16 reporting standard they currently have a total net debt of around £1bn. A big chunk of that debt will shortly need refinancing (all fairly normal), hence the latest development. Paying the debt down is another matter and one that’s always tricky for low cost providers.

As per the market babble: “TalkTalk Telecom Group PLC today announces an offering (the “Offering”) of £500 million senior notes due 2025 (the “Notes”). The Company intends to use the proceeds of the Offering to: (a) redeem the entire aggregate principal amount of its outstanding £400 million senior notes due 2022 and pay certain redemption premium and accrued, but unpaid, interest to holders thereof; (b) repay (without cancelling commitments) certain principal amounts drawn under its revolving credit facility agreement; and (c) pay costs, expenses and fees in relation to the Offering and such refinancing transactions. The Offering and related transactions are expected to strengthen the Company’s financial position by extending its debt maturity profile and increasing available capacity under its revolving credit facility.”

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