Ziggo Secured Finance will offer €2.575 billion in senior secured notes due in 2027, which may be denominated in euros or US dollars. At the same time, Ziggo Bond Finance will offer senior notes, also due in 2027, to the tune of €625 million.
Ziggo said that some of the proceeds would be used to re-finance existing debt, while the remainder would be put in escrow pending completion of its planned 50:50 joint venture with Vodafone Netherlands that will combine Ziggo’s fixed-line business with Vodafone’s mobile business in the Netherlands.
On completion of the JV, the proceeds will be released, subject to certain conditions being satisfied, and will be used by Ziggo Group to fund a dividend, distribution or other payment, re-finance indebtedness, pay fees and expenses of the offering and for general corporate purposes.
The Ziggo-Vodafone tie-up received a green light from the European Commission last month, subject to the condition that Vodafone sell off its Dutch fixed-line business.