TDC- New Issue Comment
TDC, the incumbent telecom operator in Denmark, has started marketing €1.4bn equivalent (EUR & USD tranches) of 5NC2 senior notes. The proceeds will be used to repay €1.4bn of bridge facility. The bridge facility - along with €2.8bn equity, €3.9bn term loan, €1bn of existing notes rollover, and €120m of cash on hand - was used to fund the acquisition of TDC by Macquarie Infrastructure and three Danish pension funds.
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.
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