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Masmovil/Orange Spain plans 1.3 billion of loan, notes financing
By Sara Rosenberg
New York, March 19 Masmovil/Orange Spain plans on getting 1.3 billion through a mix of term loan B and other senior secured debt in U.S. dollar or euro currencies to support the combination of Masmovil and Oranges operations in Spain into a new 50-50 joint venture, according to a company presentation.
BofA Securities and BNP Paribas are the mandated joint global coordinators on the 1.3 billion of debt.
The company already has 4.7 billion of senior secured drawn facilities placed with 30-plus banks and a 600 million capex line for the transaction.
Proceeds will be used to fund a 5.85 billion payment up-streamed to the Orange Group and Masmovil shareholders.
The agreement includes a post-closing leverage target of 3.5x net debt/EBITDA ratio to facilitate an initial public offering of the joint venture in the medium term.
Masmovil/Orange Spain is a telecommunications company.
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