The company which took over the business of Smart Telecom has completed a €65m refinancing ahead of its de-listing from the AIM market in London on June 29.
The company, formerly known as Calally, is now called Smart YuRoE Broadband (SYB) and is controlled by businessman Brendan Murtagh.
It was also announced today that Mr Murtagh will merge his T50 Dublin fibre network with SYB in exchange for new shares. The company says the T50 network adds around €25m to its balance sheet.
Under the refinancing deal, €50m of loan notes have been issued to a syndicate of institutional investors. The remaining €15m is linked to the conversion of existing debt by a group of SYB shareholders into preference shares in SYB.
Smart's focus is now on providing data, broadband and voice over internet protocol (VoIP) services.
Mr Murtagh said the refinancing marked a new phase in the company's development and had 'drawn a line in the sand with the past'. SYB will continue to pay money outstanding to Smart Telecom creditors.
Last year, the board of the troubled telecoms group agreed to sell off all of its businesses and assets for €1 to Calally. This followed Eircom's cutting off of Smart's fixed-line customers.
