CommScope Inks Deal With Apollo, Monarch to Refinance $4 Billion of Debt

Bloomberg2024-12-18

(Bloomberg) -- Telecommunications infrastructure firm CommScope Holding Co. reached a deal with a group of creditors led by Apollo Global Management and Monarch Alternative Capital to refinance $4.3 ...

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CommScope will also use the proceeds from a planned $2.1 billion asset sale to Amphenol Corp. to fully repay its secured notes coming due in 2026.The new term loans will mature in 2029, while the first-lien notes will mature in 2031, according to the release. Bloomberg reported last month that creditors including Apollo and Monarch entered into confidential talks with the telecommunications infrastructure firm on a potential extension of debt maturities.CommScope","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"康普与Apollo、Monarch签署40亿美元债务再融资协议","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COMM":1},"content_text":"(Bloomberg) -- Telecommunications infrastructure firm CommScope Holding Co. reached a deal with a group of creditors led by Apollo Global Management and Monarch Alternative Capital to refinance $4.3 billion of debt coming due by 2026, the company said in a press release on Tuesday. \nThe company has commitments for a new $3.15 billion first-lien term loan and $1 billion in first-lien notes that will be used to repay around $1.3 billion of its unsecured bonds due next year and a $3 billion term loan B due in 2026, according to the statement. CommScope will also use the proceeds from a planned $2.1 billion asset sale to Amphenol Corp. to fully repay its secured notes coming due in 2026.\nThe new term loans will mature in 2029, while the first-lien notes will mature in 2031, according to the release. Bloomberg reported last month that creditors including Apollo and Monarch entered into confidential talks with the telecommunications infrastructure firm on a potential extension of debt maturities. \nCommScope expects its debt to adjusted earnings before interest, taxes, depreciation and amortization to be below 6 times by the end of 2026, from 9 times as of its third quarter earnings reported in November.\nInvestment bank Moelis & Co. and law firm Latham & Watkins LLP advised the company, while PJT Partners and Gibson Dunn & Crutcher LLP were the financial and legal advisers to the lenders, respectively. \n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492919963"}