For further information:
Louise Zayed
Senior Press Officer
Tel: +353 1 419 3428
louise.zayed@tv3.ie
Kevin Shore
Press Officer
Tel: +353 1 419 3387
kevin.shore@virginmedia.ie
publicity@tv3.ie
TV3 GROUP RELEASE
IMMEDIATE: Thursday 12th December 2013
TV3 Completes Successful Refinancing.
TV3’s corporate debt acquired by long term investor Doughty Hanson.
Deal financed by debt funding from BlueBay and bridge funding from Doughty Hanson.
New day-to-day banking facilities agreed with Ulster Bank Ireland.
TV3 is pleased to announce it has completed a financial restructuring that ensures it has an appropriate and sustainable capital structure. The reorganisation, which follows the Irish government decision to liquidate Irish Bank Resolution Corporation (“IBRC”), ensures that TV3 will continue to provide a vibrant, independent voice in the media market and drive growth and high-skilled employment in the sector.
Under the new arrangement, the corporate debt of TV3’s parent, Tullamore Beta, has been acquired by TV3’s long term shareholder Doughty Hanson. Doughty Hanson’s bid was majority financed by BlueBay Ireland Corporate Credit I Limited.
TV3’s debt was included in the sale of IBRC’s assets which was conducted by the Special Liquidators. The debt, in the Evergreen tranche, was sold through an open auction process by IBRC’s liquidator KPMG, underpinned by an independent valuation of the loans. The new lending facilities are long term and at commercial rates.
As part of the re-financing package the company has also entered into new banking arrangements with Ulster Bank, providing the full range of working capital and banking facilities required by the company.
Commenting today, David McRedmond CEO TV3 said:
“The sale of TV3’s debt to Doughty Hanson ends an uncertain period for the company following the State’s liquidation of IBRC. I am delighted that we now have long term financing so we can focus on our growth strategy as Ireland’s most successful commercial broadcaster. Doughty Hanson’s continuing support and financing of TV3 has been vital to our survival through the recession and is a great vote of confidence in the company. I want to acknowledge the effort of TV3’s 260 employees through this difficult period who can look forward now to a successful future.”
Christopher Fielding, Partner, Doughty Hanson said:
“This refinancing demonstrates Doughty Hanson’s ongoing commitment to TV3, its staff and the Irish broadcast market. TV3 now has an appropriate and sustainable capital structure. In spite of the global financial crisis and an uneven playing-field in broadcasting David McRedmond and his management team have transformed TV3 from a single television channel operator into a multi-channel digital media group, growing EBITDA each year since 2009.
We would like to thank him and his team for all their hard work. The confidence we have in the management and the company’s future growth prospects was reflected in our ability to make the most competitive offer for the corporate debt and we can now move forward with real certainty and optimism. We will also continue working closely with the Broadcast Authority of Ireland and Government to ensure a commercially functioning market that allows independent operators to thrive for the benefit of the Irish viewer.”
ENDS
For further information
Sharon McHugh
Head of Press & Publicity
087 922 4143
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