Sunday 4 December 2016

Lenders ring the changes at Eircom

Published 27/05/2015 | 02:30

Eircom Group Headquarters
Eircom Group Headquarters

Eircom lenders have agreed to give the company three extra years to pay the bulk of its debts.

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On May 1 the telecoms company asked lenders to extend until 2022 maturity of a €1.9bn term loan "B2" which was due to mature in 2019 and a smaller €108m loan falling due in 2017.

Lenders have agreed by a 98pc majority to extend the larger loans.

The so-called "amend and extend" consent secured from lenders includes giving Eircom permission to spend up to €500m on acquisitions and potentially sell up to €50m of property, including a telephone exchange on Crown Alley in Dublin's Temple Bar.

Securing the consent from its lenders boosts Eircom's operational and financial flexibility.

Irish Independent

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