Poland's Cyfrowy Polsat in talks to refinance debt
WARSAW Feb 26 (Reuters) - Poland's largest media group Cyfrowy Polsat started debt refinancing talks with lenders as part of its 6.2 billion zloty ($2 billion) buyout of the country's No.3 mobile operator Polkomtel, Cyfrowy said on Wednesday.
Polish billionaire Zygmunt Solorz-Zak, who controls Cyfrowy and Polkomtel, decided to merge them last year to ease their debt burden and create a company generating 10 billion zlotys in revenue.
The deal, to be completed by mid-2014, means that Cyfrowy takes on 10.2 billion zlotys of Polkomtel debt left over from Solorz-Zak's buyout of the mobile operator in 2011, raising the joint group's net debt to 3.1 times its core profit.
The media group declined to say which lenders it was talking to and said others may join the refinancing negotiations at a later date. ($1 = 3.0213 Polish zlotys) (Reporting by Adrian Krajewski; Editing by Erica Billingham)
- Mexican train derails, stranding 1,300 migrants headed toward U.S.
- Gaza toll nears 100, militants threaten Israeli airport |
- Ukraine says rebels will pay as missiles kill 23 soldiers |
- A game of two popes: Vatican plays down talk of World Cup rivalry
- Haskell collapses in Texas court as details of murder read