CORD, a specialist digital infrastructure investor, has successfully completed the long-term refinancing of senior credit facilities at its portfolio company, České Radiokomunikace a.s. (CRA). The refinancing secures CZK 5.0 billion (c. £167 million equivalent) of senior financing, maturing in August 2030, with a syndicate of leading international and local banks. The new facilities include a term loan of CZK 3.9 billion (£130 million) and undrawn revolving credit facilities of CZK 1.1 billion (£37 million), benefiting from a bullet repayment structure and an opening credit margin of 2.00% over PRIBOR.
The refinancing ensures that CORD and its portfolio companies have no third-party debt with a term that matures before June 2029. This move represents prudent balance sheet and risk management, as CORD has successfully refinanced and extended the tenors of major debt facilities totaling over £500 million at Emitel, CRA, and at the holding company level in the last eighteen months.
Following the conclusion of this refinancing, CORD's leverage, measured as net debt divided by EBITDA, remains at 4.5x and, as measured by net debt divided by gross assets, remains at 38.9%. The company's total available liquidity, pro forma for CRA's undrawn revolving credit facilities and the undrawn capex and RCF facilities announced on 1 July, would have increased to £328 million.
Steven Marshall, Chairman of Cordiant Digital Infrastructure, expressed delight with the support and recognition CRA has received through this debt raise from leading international and local banks. He emphasized the strong management team at CRA and the company's performance, looking forward to expanding the business in line with CORD's Buy, Build & Grow model.
The refinancing signifies CORD's commitment to supporting the growth ambitions of its portfolio companies, ensuring they have robust balance sheets with no near-term debt maturities. This move aligns with CORD's strategy of investing in the core infrastructure of the digital economy, including data centers, fiber-optic networks, and telecommunication and broadcast towers in Europe and North America.