Vivacom takeover package prints through tights but PIK lags

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By Owen Sanderson
23 Jan 2020

Southeast European telecoms group United Group, a BC Partners and KKR portfolio company, is marketing 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 announced deal included €1.05bn in senior secured notes and FRNs, due 2026 and a €170m PIK add-on. At the same time, United was refinancing €575m of 4.375% 2022 notes as part of the same deal, printing new 2028 notes for the same amount.

During marketing, however, the ...

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