RLPC-Endemol to launch 1 bln euro debt refinancing-bankers

LONDON, June 19 Thu Jun 19, 2014 1:13pm EDT

LONDON, June 19 (Reuters) - Dutch TV production company Endemol is set to launch a 1 billion euro ($1.36 billion) debt refinancing after completing a debt for equity swap earlier this week which saw US fund Apollo take control of the company, bankers said on Thursday.

Apollo was the only investor left in Endemol after it bought all of Endemol's 2 billion euro debt from lenders including Barclays, Royal Bank of Scotland, Centerbridge, Lehman Brothers and Goldman Sachs in Europe's secondary loan market over a period of two years. [ID: nRLP47725a]

Apollo completed a debt for equity swap this week, which wiped out 1 billion euros of debt in a restructuring and took control of Endemol. The remaining debt is now being refinanced.

Apollo and Endemol were not immediately available for comment.

Credit Suisse, Deutsche Bank, JP Morgan and Nomura are leading the refinancing. A wider syndication of the deal is expected to launch shortly to European and US investors, the banking sources said.

Apollo has made a joint venture with 21st Century Fox to create a global TV platform which Endemol will become part of as it is now owned by Apollownership of Endemol, one banker said.

The deal is more likely to appeal to US investors, rather than European investors, which are familiar with Endemol's struggle to manage its debt since its buyout in 2007, bankers said.

"Endemol's refinancing is likely to be a hit with US investors," one of the bankers said.

A consortium formed by former Italian Prime Minister Silvio Berlusconi's Mediaset, John de Mol's investment vehicle Cyrte (subsequently renamed Dasym) and Goldman Sachs bought a 75 percent stake in Endemol in 2007 from Telefonica for 2.64 billion euros. ($1 = 0.7336 Euros) (Editing by Tessa Walsh)