Greece’s Forthnet has released details about its convertible bond issue.
In an announcement made in the Athens Stock Exchange about the outcome of the convertible bond, which was a 70.77% coverage of the whole CBL, it said that it raised a total amount of €70,124,679.90, while 233,748,933 convertible bonds were issued.
Speaking to Broadband TV News, Forthnet said the money raised was the last step to completing the refinancing of its debt obligations.
As a result, it is now free of overdue debt and can focus on business and the development of innovative services.
Broadband TV News notes that this contradicts a report in Ekathimerini that says the bond issue failed.
The report went on to say that Forthnet will start talks with creditor banks for a number of reasons. Besides obtaining much-needed cash, it would like to examine the possibility of a haircut of its existing debts and to get a sense of the banks’ intentions after the company comes under their control.
Although Forthnet is Greece’s largest alternative telco and operates its leading pay-TV platform (Nova), it has found itself under growing pressure from Vodafone, Wind and the incumbent OTE.
Separately, Forthnet has reached an agreement extending the broadcasting rights of EuroLeague Basketball until 2020.
EuroLeague is one of the most popular sport events in Greece.
