PrimaCom, the fourth-largest cable operator in Germany, has agreed new financing arrangements to support the company’s growth plans until 2022.
PrimaCom has agreed €355 million of new facilities to replace its existing credit structure and a new €10 million revolving credit facility for general corporate purposes. The new facilities comprise a €270 million first lien tranche priced at 4.75% and a €85 million second lien tranche priced at 7%. The €10 million revolving credit facility is priced at 4.5%.
“We are delighted to have concluded these new funding arrangements which both lower our financing costs and provide funding for further expansion,” said PrimaCom’s CFO Jens Müller. “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.
