Ziggo subject to €800 million financing

Ziggo subject to €800 million financing

Cable provider Ziggo has secured a new €800 million credit facility and is preparing to hold additional investor meetings in a bid to add potential financing.

It has so far mandated Goldman Sachs and JP Morgan, and could add a range of global banks to assist its financing bid.

The €800 million facility consists of a €400 million credit facility and a €400 million loan with a five year maturity.

The cable provider, which will be headed up by Deutsche Telekom CEO René Obermann from next year, said there was no real change in its financial position since last December.

It has recently expanded its services into developing triple play offerings, and has encountered increased competition from rivalling operators.

The company is reportedly planning to launch new campaigns in Q2, with CAPEX for 2013 expected to stand at between €320-€330 million.