TDC completes repricing of EUR 1.9bn term loan
TDC announced today that the company has successfully completed a repricing of its outstanding EUR term loan B facility (the "TLB").
The TLB was repriced to reduce the margin by 25bps across the margin grid. Further, the 9-month margin ratchet holiday due to expire in March 2019 was removed with immediate effect. As a result, the TLB now bears interest at EURIBOR plus 2.75% p.a., which represents an immediate reduction of 75bps. The TLB was repriced at a price of 99.75%.
In connection with the repricing, TDC also successfully obtained the consent of the requisite lenders to certain technical amendments to the existing senior secured facilities agreement. The technical amendments include, among other things, increased flexibility for TDC to potentially implement a separation of TDC's infrastructure activities and customer-focused activities in separate legal entities (NetCo and OpCo).
Plesner acted as lead counsel to TDC on all aspects of the transaction, including the TLB repricing and consent process.
For further information, please see TDC's announcement