Business
New Facilities and tender offer of Senior Notes
New Facilities and tender offer of Senior Notes.
About this update from Helios Towers Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nHelios Towers plc\n \nHelios Towers announces New Facilities and capped US$400m tender offer of the Senior Notes\n \nLondon, 14 September 2023: Helios Towers plc (\"Helios Towers\", the \"Company\"), the independent telecommunications infrastructure company, is pleased to announce that it has signed a new five-year up to US$600m term loan facilities agreement (\"New TL\") and up to US$120m revolving credit facility agreement (\"New RCF\") (together the \"New Facilities\"), with the New Facilities ranking pari passu with the 7.000% Senior Notes due 2025 issued by HTA Group, Ltd (the \"Senior Notes\").\n \nThe proceeds of the New TL will be used to (a) fund a cash tender offer for up to US$400m of the Senior Notes, which the Company announced today, and is subject to the conditions set forth in the offer to purchase dated 14 September 2023, (b) repay the US$65m drawn on the existing term loan facility dated 8 June 2020 (\"2020 TL\"), with cancellation of the remaining undrawn commitments, together with payment of associated fees, costs and expenses and (c) fund general corporate purposes. The New RCF will replace the Company's existing and undrawn US$70m RCF dated 8 June 2020 (\"2020 RCF\") in full.\n \nThe New Facilities feature a 1ppt tighter opening margin1 compared to the 2020 TL and 2020 RCF being refinanced, reflecting the diversification, increased hard-currency earnings and scale achieved by the Company over the past three years. The New TL also extends the average remaining life of the Company's debt, supports proactively addressing the 2025 Senior Notes maturity and represents an expansion of Helios Towers' banking group.\n \n1 The New TL margin features a leverage ratchet, allowing the margin to be adjusted up or down depending on the Company's reported net leverage. The 1ppt reduction from the 2020 TL and 2020 RCF is calculated using Company estimated net leverage for Q3 23, with the margin expected to further reduce as the Company continues its focus on deleveraging.\n \nInvestor Relations\nChris Baker-Sams - Head of Strategic Finance and Investor Relations\[email protected]\n+44 (0)752 310 1475\n \nMedia relations\nEdward Bridges / Stephanie Ellis - FTI Consulting LLP\n+44 (0)20 3727 1000\n \nFor the p...