Thursday, November 24, 2011

Everything Everywhere Raises £875 million -- Financing Still Flows

Everything Everywhere, the joint venture that operates the networks for T-Mobile (UK) and Orange (UK), announced new bank financing facilities of £875 million, comprising a term loan and a multicurrency revolving credit facility with maturities of between 3 and 5 years.
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The facilities will be used to refinance part of the £1.25 billion shareholder loan provided equally on Everything Everywhere's formation by its parent companies, Deutsche Telekom and France Telecom. The refinancing does not change the ownership of Everything Everywhere, with Deutsche Telekom and France Telecom each continuing to own 50% of the business. The new facility is provided by a group of banks comprising The Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, HSBC Bank, J.P. Morgan, Lloyds Bank Corporate Markets, Morgan Stanley and Royal Bank

  • In July 2011, Everything Everywhere appointed Olaf Swantee as CEO effective as of 1-Sept-2011, replacing Tom Alexander. who resigned for personal reasons and to pursue other interests.