Fitch might lower EI Towers

Fitch Ratings said it placed EI Towers SpA's long-term issuer default rating and senior unsecured rating of BBB on rating watch negative.

The agency said the action follows the announcement of a public offer for 100% of the company’s shares by 2i Towers (bidco), a special-purpose vehicle wholly owned by 2i Towers Holdings, which is in turn controlled by infrastructure fund F2i.

The offer has the backing of Mediaset SpA, which currently owns 40% of EI Towers and has agreed to take a significant minority in 2i Towers Holding.

“The RWN reflects current limited visibility on the offer's funding structure,” Fitch said in a news release.

“Disclosure so far indicates the bidco intends to part fund the acquisition with €480 million of debt and that financing has also been put in place to refinance EIT's existing debt (€326 million at YE17).”

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