January 27, 2014 / 8:30 AM / 4 years ago

Ziggo raising EUR3.735bn term loan B to back acquisition by LGI

LONDON, Jan 27 (IFR) - Ziggo has mandated banks for a new EUR3.735bn-equivalent term loan B, according to a banker on the deal, raised in part to fund its acquisition by Liberty Global (LGI).

The new loan will be split into euro and dollar tranches, both maturing in January 2022 and both with 0.75% Euribor and Libor floors.

The debt will be used to refinance existing Ziggo debt as well as financing the acquisition of Ziggo by LGI.

The loans will not be fully covenant-lite, but will have just two maintenance covenants. These are net senior leverage and a total financial leverage covenants.

The loans are is expected to be rated Ba3/BB-. Ziggo’s expected corporate rating is B1/BB-.

Global coordinators are Credit Suisse and Bank of America Merrill Lynch. Joint bookrunners and mandated lead arrangers are Credit Suisse, Bank of America Merrill Lynch, ABN Amro, Credit Agricole, Deutsche Bank, HSBC, ING, JP Morgan, Morgan Stanley Nomura, Rabobank, Scotiabank and Societe Generale.

Bank meetings in London and New York will both be held on Tuesday, with a February 4 commitment deadline.

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