Telenet to issue call to redeem 5.3% senior secured notes due 2016

By Toni Weeks

San Luis Obispo, Calif., March 24 - Telenet Group Holding NV subsidiary Telenet International Finance Sarl announced it will redeem its 5.3% senior secured notes due 2016 (facility N under its senior credit facility).

The company also announced an extension offer to holders of its term loans Q, R and T under the credit facility, which was amended in 2010.

According to a press release, holders of the loans may extend their maturity to June 2022 with a new euro-denominated term loan W with a minimum size of €500 million.

Telenet International Finance also plans to refinance its €158 million revolving facility under the credit facility to extend both the tenor and size of the facility, the release said.

Proceeds from any new money raised to supplement non-rolled exposure will be used to repay the 5.3% notes and existing term loans, beginning with term loan Q.

The transaction will be leverage neutral and will further extend the average life of Telenet's debt, the release said.

BNP Paribas Fortis, RBS and Scotiabank are the mandated lead arrangers and will manage the extensions.

Telenet is a Mechelen, Belgium-based provider of media and telecommunication services.

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