Ziggo gets $1 billion loan to refinance debt
Ziggo NV (ZIGGO), a Dutch cable television operator, raised 800 million euros ($1 billion) of loans to refinance debt and hired banks for a potential bond sale. The company, whose biggest shareholders are Warburg Pincus LLC and Cinven Ltd., received commitments for the five-year debt from a group of 13 banks, according to a statement. The term loan and credit line pay an interest rate of 200 basis points more than benchmark rates, it said. A basis point is 0.01 percentage point. The Utrecht, Netherlands-based company said Goldman Sachs Group Inc. and JPMorgan Chase & Co. has hired to arrange investor meetings for a potential bond sale that may be used to refinance debt. Investor meetings for the deal begin today, said a person familiar with the transaction, who asked not to be identified because the terms aren't set.