TIM Hellas refinances debt with EUR1.47 billion bond sale

22 Dec 2006

Greek mobile operator TIM Hellas sold a larger-than-expected EUR1.47 billion (USD1.94 billion) of euro- and dollar-denominated high-yield bonds on Monday. The cellco’s owners, private equity houses Texas Pacific and Apax Partners, paid themselves a EUR900 million dividend from the proceeds of the bond offering, with the remainder used to refinance TIM Hellas’ debts. Earlier this month the funds scrapped a plan to sell the Athens-based operator after bidders, including Turkey’s Turkcell, failed to meet the EUR4 billion price tag.

Greece, Wind Hellas (OLD don't use)