P4, the operator of the Play network from the Iliad Group has concluded a new loan agreement for a total amount of PLN 5.5 billion, P4 reported. The funds will be used to partially finance the acquisition of shares in UPC Polska, according to the companies announcement.
The P4 Management Board of a company belonging to the French iliad group – concluded with BNP Paribas Bank Polska, Crédit Agricole Corporate and Investment Bank, ING Bank NV, Powszechna Kasa Oszczędności Bank Polski, Raiffeisen Bank International AG, Santander Bank Polska and Sociéte Générale as the main organizers and guarantors and with the above-mentioned banks and Crédit Agricole Bank Polska and ING Bank Śląski as original lenders, a new loan agreement for the amount of PLN 5.5 billion, the company announced.
The funds under the loan agreement will be used to partially finance the acquisition of shares in UPC Polska sp.z o.o., which is conditional on obtaining the consent of the competent antitrust authorities. The transaction is planned to be closed in the first half of 2022, also announced.
“The disbursement of the loan requires the fulfillment of the conditions precedent. The date of repayment of the term loan was set on March 26, 2026. The loan bears interest at a variable rate based on the WIBOR rate plus a margin, the amount of which depends on the level of Play’s debt, the maximum level of which, calculated as consolidated adjusted EBITDAaL to net debt was set at 3.25x. The loan is not secured, it further announced.
In September, P4 (Play), part of the Iliad Group, signed an agreement to acquire 100% of shares in UPC Polska with UPC Poland Holding, part of Liberty Global plc, for PLN 7 billion. It was then announced that the transaction, the closing of which is expected in the first half of 2022, was subject to regulatory approval of the European Commission.
Play Communications owns 100% of shares in P4 (Play), the operator of Play’s mobile telephony.
