Wind looking to restructure debts

Italian telco Wind has opened talks with lenders with a view to restructuring part of its debts, according to the Financial Times. The company plans to sell EUR2.7 billion (USD3.76 billion) in junk bonds to allow it to pay off a EUR2 billion loan due to mature in 2011 and to pay owner Naguib Sawiris a EUR500 million dividend. The plans require the approval of 66.66% of senior lenders. The bonds, which could be sold in US dollars as well as euros, will not be repayable until 2017. Wind is also asking lenders to relax repayment terms of its remaining debts. At the end of 2008 Wind had net debt totalling EUR6.07 billion, down from EUR6.44 billion a year earlier.