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Com Hem agrees €107 million financing agreement

Com HemCom Hem, and its NorCell Sweden Holding subsidiaries, have agreed a SEK1 billion (€107 million) long-term financing agreement with Norwegian financial services group DNB.

The Swedish cable operator said that the deal is expected to allow it to reduce the group’s interest cost by approximately SEK100m annually compared to the Q2 2015 level.

Com Hem said it intends to use the new credit facility – together with new short-term facilities from Nordea and Danske Bank totalling SEK500m and existing unutilised facilities – to redeem the €187m Euro Notes issued by NorCell Sweden Holding 2 in November 2015.

The new credit facility with DNB matures on 26 June 2019 with similar conditions as the company’s existing bank financing.