GREECE - Apax, TPG consider Wind Hellas debt

The pressure is on as the company had a cash balance of EUR 32m at the end of June, yet has a EUR 67m bond coupon payment due next month.

A bondholder committee representing the interests of subordinated loan notes investors, (worth approximately EUR 500m) has appointed Aladdin Management Capital as coordinator.

In 2005, TPG and Apax acquired an 80% stake in Telecom Italia Mobile (TIM) shareholding in the Greek wireless operator, TIM Hellas Communications SA in a EUR 1.11bn deal. The investment was realised in February 2007, when the company was sold to trade player Weather Investments for EUR 3.4bn (including 2.9bn debt).

In June 2008, Apax acquired a 5% stake in Weather Investments, while through a separate transaction Madison Dearborn Partners and TA Associates joint acquired another 5%. The total value of both PIPE deals was about EUR 1.1bn.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Restructuring
• Southern Europe
• Technology