Mid Europa-backed Bitė refinances debt
Mid Europa's Lithuanian telecoms company Bitė has refinanced its existing debt with €200m of senior secured floating rate notes at a 7.5% margin.
Swedbank provided a revolving credit facility of €20m as part of the deal. The transaction was coordinated by Deutsche Bank with Credit Suisse acting as joint bookrunner. DNB Markets and Swedbank acted as co-managers.
Mid Europa acquired Bitė in a €450m deal in early 2007. The company is a mobile phone operator active in Lithuania and Latvia.
Bitė's debt was reduced to 3.6x EBITDA in September 2012 from 6.2x at the end of 2009 while the company reported strong EBITDA growth and cash flow generation.
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