United Group (UG) has used the opportunity of a constructive market backdrop to finalize a financing round of €1.73bn on the back of strong operational performance as evidenced by continued revenue and EBITDA growth. The proceeds will be used to repay the existing senior secured bonds due in 2026 and 2029, the existing Pay-If-You-Can PIK Notes due in 2025 and RCF drawings, effectively prolonging maturities of the refinanced 2025 and 2026 notes, reducing interest expense on the refinanced 2029 notes and further strengthening UG’s capital structure.
Persistently high revenue and adjusted EBITDA growth (+32% and 28% CAGR respectively for 2015 - 2022), strong EBITDA margin levels, significant improvement in scale and geographic and business diversification and an improved currency mix in recent years, combined with the deleveraging transaction of TowerCo sale, have led to Rating Agencies confirming UG’s credit rating of B2 (stable) / B (positive) (Moody’s / S&P). The transaction was well received by the investor community resulting in significantly oversubscribed orderbooks.
Persistently high revenue and adjusted EBITDA growth (+32% and 28% CAGR respectively for 2015 - 2022), strong EBITDA margin levels, significant improvement in scale and geographic and business diversification and an improved currency mix in recent years, combined with the deleveraging transaction of TowerCo sale, have led to Rating Agencies confirming UG’s credit rating of B2 (stable) / B (positive) (Moody’s / S&P). The transaction was well received by the investor community resulting in significantly oversubscribed orderbooks.
