TDC A/S : Issuance Focus
DKT Finance ApS, a midco ultimately owned by the consortium made by Macquarie Infrastructure and Real Assets (MIRA, 50%) and Danish pension funds (ATP, PFA and PKA, 16.7% each), plans to issue EUR 1.4bn of 5NC2 notes in EUR and in USD. Proceeds from the bond issue will be used to repay the bridge loan used to finance in part the acquisition of TDC for a total consideration of EUR 9.19bn or 8.3x LTM EBITDA. We assign a Stable credit opinion and recommend investors to subscribe to ...TDC is a provider of communications and entertainment solutions with positions in each of the major segments: landline telephony, landline broadband, mobility services and Pay-TV as well as the developing multi-play segment. Co. maintains a range of domestic brands covering all customer segments, channels and product categories in the residential and business markets. Co. provides technology platform and infrastructure services across all major access technologies: copper, coax, fiber and mobile. Co. also owns a cable-TV network in its domestic market. Co.'s operations are organized in six business segments: TDC Consumer; TDC Business; TDC Nordic; TDC Wholesale; YouSee; and TDC Operations.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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