Telenet to change financial structure

Belgian cable operator Telenet is taking on an additional €700 million of debt and has initiated an additional share buy-back through a self-tender offer.

The company will increase its debt to the higher end of its target range of 3.5-4.5 times annualised EBITDA and said that future shareholder remuneration will mostly comprise share repurchases.

Telenet said it believed the changes would contribute to a more efficient balance sheet. The company aims to implement its new capital structure by the end of this year.