S&P: Tim Hellas unchanged

Standard & Poor's said that its ratings and outlook on Tim Hellas Telecommunications SA (B/stable) are unchanged following the group's sale to Weather Investments SpA for a total consideration of €3.4 billion.

Weather is a holding company, 97.2% controlled by Egyptian businessman Naguib Sawiris, which indirectly owns 100% of Wind Telecomunicazioni SpA (B+/stable) and 50% plus one share of mobile operator Orascom Telecom Holdings SAE. (B+/stable), the agency said.

As way of payment for the acquisition, Weather is expected to pay an equity contribution of €500 million into Tim Hellas and to assume about €2.9 billion of Tim Hellas' debt, whose indentures contain a change of control clause, according to S&P.

Weather has announced that it intends to maintain Tim Hellas' current capital structure if it obtains a waiver on the change of control clause from Tim Hellas' lenders, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.