- Ziggo Receives Commitments for a New Credit Facility and Announces Debt Investor Meetings.
Ziggo (the "Company" or "We") today announced that it has received commitments from a number of banks to provide a new €800mn Senior Secured Credit Facility (the "New Credit Facility"). The New Credit Facility is being provided by ABN Amro Bank N.V., BNP Paribas Fortis SA/NV, Cooperative Centrale Raiffeisen Boerenleenbank B.A. (trading as Rabobank International), Credit Suisse AG London Branch, Goldman Sachs International, ING-DiBa A.G., J.P. Morgan Limited, Morgan Stanley Bank International Limited and Société Générale, London Branch. The New Credit Facility will consist of a €400mn Revolving Credit Facility and a €400mn Term Loan A. Both the RCF and Term Loan A will pay a funded margin of E+200bps, will have a 5-year maturity from initial drawing and proceeds will be used to partially refinance Ziggo's existing Senior Secured Credit Facility. Utilisation of the facilities is subject to certain customary conditions, including raising sufficient total financing sources to fully refinance Ziggo's existing credit facilities.

The Company also announces that it has mandated Goldman Sachs and JP Morgan to set up a series of investor meetings in view of a potential additional refinancing, which may include a capital markets transaction.

There has been no material change in our trading or financial position since December 31, 2012. Trends for RGUs are currently in line with RGU trends during the fourth quarter of 2012, a period in which we experienced increased churn as a result of a market which has been rapidly developing towards triple-play as well as increased competition from other operators.

In February 2013, we started several new sales and promotion campaigns focused on triple play, dual play and up-sell to interactive TV services. In the second quarter we will start new campaigns focusing on customer loyalty and churn reduction.

We reiterate our guidance as outlined during the release of our annual results for 2012. We expect EBITDA for 2013 to increase in the range of 2.5-3.5% with revenue growth moderately ahead of this rate. We anticipate an increase in revenue momentum over the course of 2013 as our marketing initiatives take effect. Our capital expenditure for 2013 is expected to be in the range of €320-€330 million.