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ATP, PFA and PKA to inject USD500m to refinance TDC’s debt

3 Jan 2023

Three of Denmark’s largest pension funds – ATP, PFA and PKA – are set to inject EUR475 million (USD507.2 million) of fresh equity into TDC Group. According to a press release, the equity will be used at least in part to refinance some EUR1.44 billion of bonds issued when the group was bought and its shares delisted shortly afterwards. ATP, PFA and PKA issued a separate joint statement, saying: ‘As shareholders, we support the refinancing, which reinforces the company’s opportunity to realise its great potential and ensure that the digital, Danish infrastructure remains among the best in the world, and that our investment in the company creates a long-term return.’

TDC said DKT Holdings and its subsidiaries had bonds outstanding at DKT Finance for EUR1.050 billion and USD410 million maturing in June 2023, which had been issued in conjunction with the acquisition and delisting of the TDC Group in May 2018. ‘The group is initiating a refinancing of these bonds ahead of maturity through a combination of proceeds from issuance of new equity, private credit facilities as outlined below and available cash,’ the firm said.

TDC Holding is wholly-owned by DK Telekommunikation (DKT), itself owned by a consortium comprising Macquarie Infrastructure and Real Assets Europe (MIRA, in possession of 50%) and PFA, ATP and PKA (each holding 16.7%).

Denmark, TDC (incl. Nuuday, TDC Net)

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