PrimaCom agrees new financing arrangements

23 Apr 2015

German cable network operator PrimaCom has announced that it has agreed new financing arrangements to support the company’s future growth plans until 2022. The firm has agreed EUR355 million (USD381 million) of new facilities to replace its existing credit structure and a new EUR10 million revolving credit facility for general corporate purposes. ‘We are delighted to have concluded these new funding arrangements which both lower our financing costs and provide funding for further expansion,’ commented PrimaCom’s CFO Jens Muller, adding: ‘PrimaCom has built an attractive market position over recent years based on a strongly invested network and triple-play offering. These new funds provide a solid base from which we can continue to execute our successful strategy and accelerate our growth organically, as well as proving additional headroom for acquisitions.’

Last month PrimaCom reported revenue of EUR131.6 million for the twelve months ended 31 December 2014, an increase of 37.2% from the previous year, while EBITDA jumped 55.3% year-on-year to EUR55.2 million, driven by increased penetration of its triple-play offering and the acquisition of smaller rival DTK Deutsche Telekabel. Customer numbers for broadband internet, HD television and fixed line telephony grew by 24.8% year-on-year in 2014, with the DTK acquisition expanding the number of reachable households by 30% to around 1.2 million.

Germany, PrimaCom