United preps bond financing package for Vivacom takeover

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By Owen Sanderson
20 Jan 2020

Southern Eastern European telecoms group United Group, a BC Partners and KKR portfolio company, is preparing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.

The capital structure for the €1.2bn acquisition will include €1.05bn in senior secured notes and FRNs, due 2026 and a €170m PIK add-on. The group is also looking to refinance €575m of 4.375% 2022 notes as part of the same deal, printing new 2028 notes for the same amount.

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