Forthnet in talks to secure new finance

Greek pay TV operator Forthnet is considering issuing a €100 million convertible bond and is in talks with banks, according to CEO Panos Papadopoulis.

Papadopoulis told local media that the operator, which runs the Nova TV service, had submitted all necessary information and was awaiting a decision. The company’s net debt stood at €324 million at the end of last year. Forthnet is currently subject to competing non-binding offers from Deutsche Telekom-owned local telco OTE and Vodafone.

Forthnet reported 507,261 pay TV customers at the end of last year, up 12% year-on-year.