German pay television operator Sky Deutschland (SKDTY.PK,SKDTF.PK), its new bank syndicate, News Adelaide Holdings B.V. and News Corp. agreed to a new comprehensive long-term financing structure for Sky. It consists of five-year bank credit facilities of 300 million euros guaranteed by News Corporation and its unit News America Incorporated, a Bundesliga guarantee provided by News Corp., the extension of the existing shareholder loans, and the issuance of new equity of 438 million euros through the combination of a private placement and a rights issue. The convertible bond remains unchanged.
Sky said its new credit facilities of 300 million euros would replace its current cash bank facilities of 419 million euros, including 19 million euros accrued interest, which would be repaid in full.
The company confirmed its full-year 2013 outlook for EBITDA, by expecting it to be positive, and to grow strongly thereafter.
Also, Sky raised 347.4 million euros gross proceeds through a private share placement without subscription rights by issuing 77.89 million new registered shares from authorized capital to News Adelaide at 4.46 euros per share.
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by RTT Staff Writer
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