Telecoms company eir has announced the launch of a €200m tap issue bond by its subsidiary eircom finance DAC to help with debt refinancing.
The terms of the bond will be the same as the existing 4.50% senior secured notes due in 2022.
The proceeds of the offering, if completed, will be used to prepay a portion of the outstanding amounts under eir’s existing senior facilities agreement, and to pay fees and expenses related to the offering.
It comes as eir today issued a trading update for the second quarter, showing the company’s performance was in line with expectations and “the positive momentum of the last four quarters continued throughout this period”.
For the three months to the end of June, eir estimates “low single-digit growth” in revenue compared with the same period last year.
It said the growth was primarily due to growth in broadband customers, an increase in bundle penetration, price increases implemented in the current year and the acquisition of Setanta Spots (now eir Sport).