Strong demand lets Eir boost size of divi deal

Phone_fotolia
By Owen Sanderson
25 Apr 2019

Eir, the Irish telecoms company, has won strong demand and tight pricing for its combined bond and loan deal, allowing it to increase the size by another €100m — and pay out a larger dividend to its owner, groups controlled by French billionaire Xavier Niel. One of these groups, Iliad, has just emerged from a costly fight for rights to the 5G mobile spectrum in Italy, leading it to consider asset sales and other routes to raise cash.

Eir’s new issue was announced by Citi and Goldman Sachs on Tuesday morning, as a combined loan and secured bond with a target size of €850m. Some €700m of the proceeds are earmarked to pay off the company’s 2022 notes, with a €300m dividend as well. The company ...

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