Everything Everywhere, the UK's leading communications company, has announced new bank financing facilities of £875 million. The facilities comprise a term loan and a multicurrency revolving credit facility with maturities of between 3 and 5 years.
The facilities will be used to refinance part of the £1.25 billion shareholder loan provided equally on Everything Everywhere’s formation by its parent companies, Deutsche Telekom and France Telecom. The refinancing does not change the ownership of Everything Everywhere, with Deutsche Telekom and France Telecom each continuing to own 50% of the business. The new facility is provided by a group of banks comprising The Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, HSBC Bank, J.P. Morgan, Lloyds Bank Corporate Markets, Morgan Stanley and Royal Bank of Scotland.
Neal Milsom, Chief Financial Officer, Everything Everywhere, commented: "We are pleased to receive the support of the high quality lenders who are participating in our new bank financing facilities, recognising the strength of Everything Everywhere as the largest mobile network operator in the UK."
- ends -
EE is the most advanced digital communications company in Britain, providing mobile and fixed line services to 27 million customers, and will soon become the first company in the UK to provide 4G mobile services alongside fixed-line fibre.
EE is the company that runs the Orange and T-Mobile brands in the UK, and will be launching its new superfast 4G brand – EE – in the coming weeks.
Its 4G service will cover a third of the population by the end of 2012 and its fibre service will cover 50% of the population by the end of the year.
EE's mobile service currently provides coverage to 99% of the population with 2G and 98% of the population with 3G