Romania’s RCS/RDS will try to improve its low level of liquidity through the sake of bonds worth $200 million (€146.1 million) on foreign markets.
According to ZF, the operation will be managed by Citibank, with the bonds maturing in 2017. Furthermore, Citi will not be obliged to buy the bonds – interest for which could exceed 8% – if they are not subscribed to by investors.
In a related development, Moody’s has assigned a Ba3 rating to RCS/RDS, which is the leading provider of both cable and DTH services in Romania and also has interests in both sectors in other parts of CEE.
It notes that the company is in a strong position in the pay-TV markets in Romania and Hungary and has a low level on indebtedness. On the other hand, it is also vulnerable to any deterioration in the region’s economies.