Baltic telco Bitė boosts size of divi in bond market return

By Owen Sanderson
09 Jul 2020

Bitė, a mobile, broadband and pay-TV firm in the Baltic region, and a portfolio company of Providence Private Equity, priced a dividend recap and refinancing of its whole capital structure this week, funded by a dual-tranche high-yield bond offering. This marks the company’s return to bond markets after nearly five years of financing through loans.

The deal was announced as €620m of 5.5 year senior secured bonds, split between a floating rate note and fixed rate tranche, which will fund (along with cash on balance sheet) repayment of the existing €449m in loans, and a €185m dividend.

During bookbuilding, strong demand allowed the ...

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