Cordiant Digital Infrastructure Ltd (LSE:CORD), an operationally focused communication and internet infrastructure investor, has announced that its portfolio company Emitel has secured a refinancing agreement.
The deal relates to Polish infrastructure group Emitel’s senior loan facilities with a consortium of leading international and national lenders, under which it has secured 1.57bn zloty (£300mln) of financing, maturing in 2030.
The new facilities include senior secured term loans of 1.27bn zloty, a capex facility of 250mln zloty and a revolving credit facility of 50mln zloty.
Subscribing to the deal are international lenders Citi, BNP Paribas, Credit Agricole and DNB Bank, together with leading Polish financial institutions PKO Bank Polski, Bank Gospodarstwa Krajowego, PZU, Bank Ochrony Środowiska, Alior Bank and Bank Pekao.
Emitel plans to use the facilities to support its growth trajectory by financing its operational activities, new investments and acquisition plans.
The new facilities were 1.6 times oversubscribed and have a blended credit margin lower than the 2.9% of the current senior facilities.
Existing senior facilities, put in place in 2020, will be retired.
Following the successful conclusion of this refinancing, Cordiant and its portfolio companies have no debt maturing until June 2025.
"We are delighted with the support and recognition received from some of the leading banks in Europe with respect to Emitel,” said Steven Marshall, chairman of the supervisory board of Emitel and co-managing partner of Cordiant.
“Emitel is a national champion in Poland with an outstanding management team and continues to perform strongly. We look forward to working with the company and this group of banks in the future to spur further growth of Emitel.”