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Bethel Finance news:
Patrick Drahi plans to hold a €350 million bond offering in France for his Luxembourg-registered company Ypso Holding sarl, which owns cable company Numericable SA, which operates in France, Belgium and Luxembourg. The purpose of the offering is to repay part of its €3.2 billion bank debt.
Standard & Poor's reiterates its CCC+ long-term rating for Ypso, and gave the current proposed offering a B rating. It added that it might upgrade Ypso if the proposed bond offering is successful.
Drahi reportedly plans to withdraw a dividend of more than NIS 300 million from HOT Telecommunication Systems Ltd. (TASE: HOT), which he controls. It is not clear whether he will use the proceeds to repay debts to the Israeli banks that financed his acquisition of HOT, or to service his foreign debts. Drahi has also merged his Israeli mobile carrier, Mirs Communications Ltd., with HOT.
Drahi reportedly needs to refinance his deals and repay bank debts. He has launched a road show in France and Europe for this purpose.
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