EE Finance plc, a subsidiary of EE Limited, has completed a two year extension of its £437.5m term loan with its existing banks through to November 2016. The extension was signed on the 4th of December.
4G base up half million to c.1.2m, establishing EE as Europe’s fastest growing 4G operator; network leadership drives momentum in enterprise space with key B2B, M2M and Wholesale wins
Following the launch of the EE brand in September 2012 we are now in a position to change the legal name of the company from “Everything Everywhere Finance Plc” to “EE Finance Plc”.
|Everything Everywhere Ltd. (EE) today announced that Standard & Poor's Ratings Services (S&P) has raised its long-term and short-term corporate credit ratings on EE to 'BBB/A-2' from 'BBB-/A-3'. S&P’s outlook is stable for the rating. The upgrade reflects S&P’s view that EE is successfully executing its strategic plan and the expectation that EE's reported EBITDA margin and credit metrics will strengthen in the next 18 months.
In the first half, EE made excellent progress implementing our strategy of maintaining commercial leadership, delivering operational excellence, and creating long term value through 4G and smartphones. Our focus on brand and network differentiation, building an efficient business and targeting postpaid customers is driving our commercial momentum, significantly improving our adj. EBITDA margin and delivering the fastest 4G take-up in Europe.
The business over the quarter continued to see steady underlying service revenue performance as well as success in retaining and adding high value postpaid, 4G and 4G-ready subscribers to our base. There is strong demand for our 4G services – with a base of 318k customers or 2.3% of our postpaid base – after only five months of trading. We are making strong progress towards reaching our target of more than one million 4G customers by the end of 2013 after 14 months of trading.
In 2012 we made significant progress executing on our vision to provide the best network and the best service so our customers trust us with their digital lives. We maintained commercial momentum, with underlying service revenue up 2.7% yoy and full year adjusted EBITDA margin improved to 21.2%, against a background of macroeconomic weakness, regulatory pressures and a highly competitive market. For Q4, service revenue was +1.5% excluding the impact of regulation, while including the regulated impact of MTRs, service revenue was -3.9%.
Everything Everywhere Finance plc, and the European Investment Bank, today announced a five year, £350 million loan to fund investment in EE’s 3G and 4G mobile network equipment. The loan agreement was signed on 4 December 2012.
EE made good progress in the third quarter by improving the value mix of our mobile business and the revenue growth of our fixed broadband business, while announcing plans to launch superfast 4G mobile and fibre broadband services to create platforms for growth. Despite significant competitive, economic and regulatory pressures, we delivered strong commercial performance, with healthy postpaid customer acquisition and take up of smartphones.