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MarketScreener Homepage  >  Equities  >  Bolsa de Madrid  >  MásMóvil Ibercom, S.A.    MAS   ES0184696104

MÁSMÓVIL IBERCOM, S.A.

(MAS)
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Masmovil buyers secure first leveraged loan since COVID-19 crisis

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07/03/2020 | 01:13pm EDT

By Abhinav Ramnarayan and Isla Binnie

The private equity consortium behind the mooted acquisition of Spanish telecoms firm Masmovil has secured a 2 billion euro (1.80 billion pounds) loan towards that deal, helping revive a leveraged loan market that has taken a beating this year.

The seven-year loan, which will be issued by Masmovil but go towards financing a bridge loan taken to fund its buyout by Cinven, KKR and Providence, priced late on Thursday, according to a document seen by Reuters.

It is the first such deal to be completed after the COVID-19 crisis wrought havoc on the market in March and pushed the U.S. leveraged loan default rate to a six-year high.

The final amount is 500 million euros more than originally targeted.

"If we had done this deal in February, perhaps we would have got 2.5 or 3 billion (euros); but still it was the first deal underwritten after the virus and it shows that the market is open," a person familiar with the transaction said.

He and another person familiar with the matter said the buyers were mostly institutional loan investors and some in the collateralised loan obligations market, and that the deal was oversubscribed.

Other previously-agreed acquisitions such as the private equity buyout of ThyssenKrupp's elevators unit and AMS's purchase of Osram have found financing in recent weeks, but this leveraged loan is the first agreed after the crisis broke out.

Central bank stimulus has helped revive appetite for low-rated debt and give investors' confidence in such deals again, bankers said.

Masmovil has grown through acquisitions against fierce competition from Telefonica, Vodafone and Orange and owns low-cost brands Pepephone and Yoigo.

Sources familiar with the matter have said its prospective buyers aim to complete the deal in the last three months of this year. Providence already holds 9% of the company, whose board has backed the bid.

(Reporting by Abhinav Ramnarayan; Editing by Mark Potter)

Stocks mentioned in the article
ChangeLast1st jan.
KKR & CO. INC. 1.09% 36.63 Delayed Quote.25.57%
MÁSMÓVIL IBERCOM, S.A. 0.00% 22.5 End-of-day quote.10.62%
ORANGE -1.09% 9.906 Real-time Quote.-24.50%
TELEFONICA S.A. -0.68% 3.631 End-of-day quote.-41.69%
VODAFONE GROUP PLC -1.30% 118.68 Delayed Quote.-19.13%
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Financials
Sales 2020 1 894 M 2 242 M 2 242 M
Net income 2020 108 M 128 M 128 M
Net Debt 2020 2 344 M 2 776 M 2 776 M
P/E ratio 2020 19,9x
Yield 2020 0,45%
Capitalization 2 956 M 3 497 M 3 499 M
EV / Sales 2020 2,80x
EV / Sales 2021 2,34x
Nbr of Employees 964
Free-Float 61,1%
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 25,16 €
Last Close Price 22,50 €
Spread / Highest target 28,9%
Spread / Average Target 11,8%
Spread / Lowest Target -2,22%
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NameTitle
Meinrad Spenger Chief Executive Officer & Director
Eduardo Díez-Hochleitner Rodríguez Chairman
José María del Corro Chief Financial Officer
Santos Fernandez Miguel Chief Technology Officer
José Eulalio Poza Sanz Vice Chairman
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