Ziggo gets commitments for €800 million senior secured credit facility

By Marisa Wong

Madison, Wis., March 18 - Ziggo said it has received commitments from a number of banks for a new €800 million senior secured credit facility.

Those banks include ABN Amro Bank NV, BNP Paribas Fortis SA/NV, Cooperative Centrale Raiffeisen Boerenleenbank BA (trading as Rabobank International), Credit Suisse AG London Branch, Goldman Sachs International, ING-DiBa AG, J.P. Morgan Ltd., Morgan Stanley Bank International Limited and Societe Generale, London Branch.

The new facility will consist of a €400 million revolving credit facility and a €400 million term loan A.

Both the revolver and term loan A will pay a funded margin of Euribor plus 200 basis points and will have a five-year maturity from initial drawing.

Proceeds will be used to partially refinance Ziggo's existing senior secured credit facility.

The company also announced that it has mandated Goldman Sachs and JPMorgan to set up a series of investor meetings relating to potential additional refinancing, which may include a capital markets transaction.

Ziggo is an Utrecht, Netherlands-based television, internet and telephone services provider.

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