eAccess reveals USD2bn debt refinancing for mobile unit

9 Mar 2011

Japanese telecoms group eAccess is looking to refinance JPY165 billion (USD2 billion) of debt relating to its cellular arm, eMobile, via a combination of new bonds and loans. In a filing to the local stock exchange, Tokyo-based eAccess says the total amount it actually raises will be dependent upon the bond issue. The filing shows that the firm’s five-year facility will yield an interest of 3.75 percentage points above the Tokyo interbank offered rate. Bloomberg adds that Mizuho Bank Ltd, Credit Agricole, ING Groep and Sumitomo Mitsui Banking Corp are arranging the loans, according to an unnamed person with direct knowledge of the situation. Meanwhile, UBS AG, Credit Agricole and ING will arrange bond investor meetings ahead of an offer of seven-year dollar- and euro-denominated senior notes. eAccess’s plan is designed to ‘strengthen its mid- and long-term financial base’ by repaying eMobile debt.