Shareholders in transmission company Arqiva have injected £867 million new equity into the company ahead of a £3.7 billion loan and bond refinancing to go ahead.
The move enables Arqiva, which runs the transmission facilities for the BBC and ITV and is a shareholder in YouView, to get a BBB investment grade credit rating. Bonds will now be issued to refinance loans initially taken out in 2007 and that will mature next year.
Shareholders, including Canada Pension Plan Investment Board, which holds 48% of Arqiva, and Macquarie European Infrastructure Fund 2 (25%) contributed £400 million in cash.
The remainder was funded through cash accrued from Arqiva’s decision not to pay dividends since 2009.
