The EBRD proposes to participate in a medium-term senior syndicated loan of €100 million to Vivendi Telecom Hungary, the second-largest provider of fixed line telecommunications services in Hungary.
Project objectives: The transaction will assist VTH with consolidating its regional operations into a single nationwide structure, which necessitates refinancing existing loan facilities to regional subsidiaries. The transaction will also provide additional funds to VTH for the completion of its fixed line network in Hungary.
The transition impact of the project will derive from the improvement in the operations of VTH after consolidation and the increase in competition in the telecommunications sector.
Vivendi Telecom Hungary BV (VTH) is a holding company to be established in the Netherlands, which will own Hungarian telecommunications operations of Vivendi Universal (VU), a multinational infrastructure, communication and media group with core interests in Europe and the United States. VTH provides fixed voice and fixed data telecommunications services in Hungary and is the second-largest operator after the incumbent Matáv.
The EBRD is proposing to underwrite up to €100 million of a €350 million syndicated medium term loan. The facility will be co-arranged with BNP-Paribas, CIBC World Markets, and Dexia Credit Local.
The main environmental emphasis of the project would be to ensure that VTH continues to comply with all applicable environmental, health and safety laws in Hungary.
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