Tele Columbus : Issuance Focus
Tele Columbus (B2 pos/B), Germany’s third largest cable operator behind Unitymedia and Vodafone/Kabel Deutschland, plans to issue € 500m of 7NC3 secured notes to refinance a portion of its senior credit facilities, in order to diversify its funding sources and extend its debt maturity profile. We have a Positive credit opinion and consider that the company will de-leverage from a level of 5.1x on improving Ebitda and FCF, thanks to revenue growth and the completion of the integration of Primacom/Pepcom. We recommend to subscribe to the new issue at a yield of 4.5% or more.>Tele Columbus AG. Tele Columbus AG is a Germany-based company engaged in the telecommunication and cable television business sector. The Company offers analog cable television (TV), digital TV, Internet access and cable telephony via broadband cable. The service offered by the Company includes digital cable channels, a telephone line or Internet flat rate. There is also a possibility to choose a double flat deal where the client combines a telephone and Internet flat rate or a Sky High Definition (HD). The offers are available in Berlin, Brandenburg, Saxony, Saxony-Anhalt, Thuringia , Saxony and in parts of North Rhine-Westphalia. The subsidiaries of the Company include Tele Columbus Netze Berlin GmbH, pepcom GmbH and Kabelfernsehen Muenchen Servicenter GmbH & Co KG, among others.
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