Greek Pay-TV giant considers of bond sale
Forthnet SA's CEO, Panos Papadopoulos, said that the company is set to negotiation talks with creditors on refinancing.
Forthnet SA, Greece’s largest pay-TV firm which is the subject of two separate bids from Deutsche Telekom AG and Vodafone Group Plc, is considering issuing a 100 million-euro exchangeable bond, Panos Papadopoulos said in an interview Thursday.
“For the last few weeks, we have been in discussions with the banks based on our revised proposal and we hope to reach an agreement soon,” the chief executive officer stated.
Forthnet, which on May 4 signed the extension of an agreement to air the Greek soccer championship until 2019, is in talks with Greece’s three biggest banks, National Bank of Greece SA, Piraeus Bank SA and Alpha Bank SA, for a plan to refinance its debt by issuing bonds.
The company’s net debt stood at 324 million euros in short-term borrowings at the end of 2014. Its shares have fallen 11 percent so far this year, giving it a value of 87.9 million euros.