Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
Telenet Financing USD LLC ("Telenet Financing USD"), Telenet International
Finance S.à r.l. ("Telenet International Finance") and Telenet BVBA entered into
the financing described below by way of additional facilities drawn under the
credit agreement originally dated August 1, 2007, as amended from time to time
(the "Credit Agreement"). Telenet Financing USD is a direct wholly-owned
subsidiary of Telenet Group Holding NV, Telenet International Finance is a
direct wholly-owned subsidiary of Telenet BVBA, Telenet BVBA is an indirect
wholly-owned subsidiary of Telenet Group Holding NV, and Telenet Group Holding
NV is an indirect majority-owned subsidiary of Liberty Global plc.
On January 24, 2020, Telenet Financing USD, Telenet BVBA and The Bank of Nova
Scotia as facility agent, among others, entered into a $2.295 billion additional
facility accession agreement (the "Additional Facility AR Accession Agreement")
pursuant to the Credit Agreement. Under the terms of the Additional Facility AR
Accession Agreement, certain lenders have agreed to provide a $2.295 billion
term loan facility ("Facility AR") to Telenet Financing USD, which amount is to
be issued at 99.75% of par.
The final maturity date for Facility AR will be April 30, 2028. Facility AR will
bear interest at a rate of LIBOR plus 2.00% per annum subject to a LIBOR floor
of 0%. Facility AR can be utilized by Telenet Financing USD for its general
corporate purposes and/or working capital purposes including, without
limitation, the redemption, refinancing, repayment or prepayment of existing
indebtedness of the Group (as defined in the Credit Agreement) and the payment
of any fees and expenses in connection with Facility AR or other transactions
related thereto.
The net proceeds from Facility AR together with existing cash, will be used to
prepay in full the Term Loan AN Facility (as defined in the additional facility
AN3 accession deed dated October 3, 2019 between, among others, Telenet
Financing USD and The Bank of Nova Scotia and as upsized by the Term Loan AN2
Facility and the Term Loan AN3 Facility (each as defined therein)) under the
Credit Agreement and fees, costs and expenses related to such refinancing.
On January 24, 2020, Telenet International Finance, Telenet BVBA and The Bank of
Nova Scotia as facility agent, among others, entered into a €1.110 billion
($1.224 billion at the January 24, 2020 exchange rate) additional facility
accession agreement (the "Additional Facility AQ Accession Agreement") pursuant
to the Credit Agreement. Under the terms of the Additional Facility AQ Accession
Agreement, certain lenders have agreed to provide a €1.110 billion term loan
facility ("Facility AQ") to Telenet International Finance, which amount is to be
issued at par.
The final maturity date for Facility AQ will be April 30, 2029. Facility AQ will
bear interest at a rate of EURIBOR plus 2.25% per annum subject to a EURIBOR
floor of 0%. Facility AQ can be utilized by Telenet International Finance for
its general corporate purposes and/or working capital purposes including,
without limitation, the redemption, refinancing, repayment or prepayment of
existing indebtedness of the Group (as defined in the Credit Agreement) and the
payment of any fees and expenses in connection with Facility AQ or other
transactions related thereto.
The net proceeds from Facility AQ together with existing cash, will be used to
prepay in full the Term Loan AO Facility (as defined in the additional facility
AO3 accession deed dated October 3, 2019 between, among others, Telenet
International Finance and The Bank of Nova Scotia and as upsized by the Term
Loan AO2 Facility and the Term Loan AO3 Facility (each as defined therein))
under the Credit Agreement and fees, costs and expenses related to such
refinancing.
The Additional Facility AR Accession Agreement and the Additional Facility AQ
Accession Agreement provide that the lenders under Facility AR and Facility AQ
(as applicable) consent to the amendments to the covenants and other provisions
of the Credit Agreement and the Finance Documents (as defined in the Credit
Agreement) outlined in the Additional Facility AR Accession Agreement and the
Additional Facility AQ Accession Agreement (as applicable) (including in the
schedules thereto). Once the consent of the requisite lenders is obtained under
the Credit Agreement, such amendments may be implemented at the election of
Telenet BVBA.
The foregoing descriptions of Facility AR and Facility AQ and the transactions
contemplated thereby are not complete and are subject to and qualified in their
entirety by reference to the Additional Facility AR Accession Agreement, a copy
of which is attached hereto as Exhibit 4.1, and the Additional Facility AQ
Accession Agreement, a copy of which is attached hereto as Exhibit 4.2.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Name
4.1 Additional Facility AR Accession Agreement dated January 24, 2020 and
entered into between, among others, Telenet Financing USD LLC as the
Borrower, Telenet BVBA as a Guarantor and The Bank of Nova Scotia as
the Facility Agent.
4.2 Additional Facility AQ Accession Agreement dated January 24, 2020 and
entered into between, among others, Telenet International Finance S.à
r.l. as the Borrower, Telenet BVBA as a Guarantor and The Bank of Nova
Scotia as the Facility Agent.
101.SCH Inline XBRL Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 Cover Page Interactive Data File (formatted as Inline XBRL and
contained in Exhibit 101)
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