Business Irish

Saturday 23 August 2014

Eircom finalising plans for flotation

Published 23/06/2014 | 07:26

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The timing of the Eircom IPO is not fixed and will depend on market conditions, the company's CFO has said
The timing of the Eircom IPO is not fixed and will depend on market conditions, the company's CFO has said
Heuston South Quarter

EIRCOM is finalising plans to return to the stock market just two years after an examinership.

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The company is aiming to raise about €1bn from investors here and in Britain, in a deal that would value the operator at more than €3bn.

The offering could happen as soon as September, with the proceeds used to slash Eircom's €2.3bn debt, sources said.

The maturity of Eircom's debt has been extended to 2019 from 2017.

Eircom's biggest shareholder is US investment giant Blackstone, which, following the telecom group's examinership in 2012, now owns 25pc of the Irish company. Other shareholders include Anchorage Capital, Bank of New York Mellon-owned Alcentra, and Silver Point.

The company has created a so-called quad-play offering that allows consumers to take up mobile, broadband, fixed-line and TV services from the operator.

A flotation by Eircom would be one of the biggest by an Irish firm in years.

Paul Coulson's Ardagh glass group is also eyeing up a major stock market flotation next year.

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