Tuesday 21 February 2017

Eir lenders agree interest cut of €8m

Published 15/10/2016 | 02:30

Eir said the reduced interest will generate €8m a year in savings
Eir said the reduced interest will generate €8m a year in savings

Lenders agreed to cut borrowing costs for Eir to 4pc from 4.5pc yesterday.

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The telecoms company said the reduced interest will generate €8m a year in savings. The company said it has received majority lender consent to implement proposed amendments cutting the pricing on its €1.662bn of senior term loan B debt - with 99.9pc of lenders agreeing to roll into the new facility.

The company said it would also use of €50m of cash to repay a portion of debt.

Goldman Sachs International was sole bookrunner for the transaction. Moody's said the move will modestly improve Eir's finances but will not have an impact on its debt ratings.

Irish Independent

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