REG - Cordiant Digital Inf - Emitel refinancing of senior loans

Cordiant Digital InfrastructureAnnouncement

17/07/2023 07:00

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RNS Number : 1220G  Cordiant Digital Infrastructure Ltd  17 July 2023

17 July 2023

 

Cordiant Digital Infrastructure Limited

 

Emitel refinancing of senior loans

 

 

Cordiant Digital Infrastructure Limited ("CORD"), an operationally focused
investor in the core digital infrastructure that enables modern communications
and the internet, is pleased to announce that its portfolio company, Emitel
S.A. ("Emitel"), has refinanced its senior loan facilities with a consortium
of leading international and national lenders, under which it has secured PLN
1.57 billion (€353 million equivalent) of financing, maturing in 2030.

 

The new facilities include senior secured term loans of PLN 1.27 billion (of
which PLN 370 million - €83 million - is denominated in Euros), a capex
facility of PLN 250 million and a revolving credit facility ("RCF") of PLN 50
million.

 

The consortium is comprised of international lenders Citi(1), BNP(2), Credit
Agricole(3) and DNB Bank ASA, together with leading Polish banks and financial
institutions: PKO Bank Polski S.A., Bank Gospodarstwa Krajowego, PZU S.A.,
Bank Ochrony Środowiska S.A., Alior Bank S.A. and Bank Pekao S.A. (also
acting as credit agent and security agent).

 

The new facilities were 1.6 times oversubscribed and have a blended credit
margin lower than the 2.9% of the current senior facilities. The senior
secured term loans will be used to retire the existing senior facilities, put
in place in 2020. The capex facility and RCF will be applied to support
Emitel's growth trajectory by financing its operational activities, new
investments and acquisition plans.

 

Following the successful conclusion of this refinancing, CORD and its
portfolio companies have no debt maturing until June 2025. The pro forma
aggregate leverage ratio of CORD following the refinance is 36% measured as
net debt divided by gross assets and the weighted average margin across all
debt facilities has declined to 3.1% from 3.25% at 31 March 2023.

 

Steven Marshall, Chairman of the Supervisory Board of Emitel and Co-Managing
Partner of Cordiant Digital Infrastructure said, "We are delighted with the
support and recognition received from some of the leading banks in Europe with
respect to Emitel. Emitel is a national champion in Poland with an outstanding
management team and continues to perform strongly. We look forward to working
with the company and this group of banks in the future to spur further growth
of Emitel. More broadly our portfolio companies are well capitalised as they
look to deliver on their growth ambitions."

 

 

(1) Through their Polish subsidiary Citi Handlowy

(2) Through their Polish subsidiary BNP Paribas Bank Polska S.A.

(3) Through their Polish subsidiary Credit Agricole Bank Polska S.A.

 

 

For further information, please contact:

 

 Cordiant Capital Inc                         +44 (0) 207 2017546

 Investment Manager

 Stephen Foss, Managing Director
 Aztec Financial Services (Guernsey) Limited  +44 (0) 1481 748831

 Company Secretary and Administrator

 Chris Copperwaite

 Laura Dunning
 Celicourt                                    +44 (0) 207 770 6424

 Financial Communications Adviser

 Ali AlQahtani

 Philip Dennis

About Emitel

Emitel is the largest operator in Poland of digital terrestrial television
("DTT") as well as IPTV platforms, the leading radio broadcast emissions
provider and a leading provider of network neutral towers and fibre
infrastructure.

 

 

 

 

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