catena increases corporate debt structure e250 million

by 19.02.2018 0 comments

Updating the market, Stockholm-listed industry affiliate network Catena Media Plc has confirmed the successful placement of a new €150 million senior unsecured bond due for 2021.

The update sees Catena governance expand its current corporate debt framework to €250 million ‘new bond loan’, with corporate interest payments reduced from 6.75 to 5.5%.

Moving forward, Catena governance will refinance its existing €100 million corporate debt structure which is set to mature in September 2019.

Catena governance will further use its new secured bond transaction for general growth purposes including continuing the firm’s ongoing M&A expansion strategy.

Further assisting its growth strategy, Catena will be allowed to trigger an additional debt access within the range of €3-30 million, currently representing  75% of the Group’s operating EBITDA.

Updating investors, Henrik Persson Ekdahl, Acting CEO of Catena Media commented: “We are very pleased with the great interest that has been shown from investors to participate in this transaction, both from our existing bondholders rolling over to the New Bonds as well as from new investors.

The New Bonds provide us with a lower cost of financing as well as increased flexibility for additional financing, which we consider as an important step in our continued development. With this, we have enhanced our capacity to continue on our strategic path and to be a leading player in the ongoing consolidation of the affiliate market space”

Carnegie and Danske Bank acted as Joint Bookrunners to Catena Media in connection with the transaction and Gernandt & Danielsson acted as legal advisor.

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