New bond issuance has been announced, with the PIYKs to be repaid from the proceeds. The company is raising €1,250m in cash (including €300m
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3Q3 numbers beat our expectations primarily due to better-than-modelled top-line growth in Bulgaria and Greece. Net debt is €4.1bn, giving
Read MoreThe acquisition by United Group of Bulsatcom will not have involved significant cash outlay. Bulsatcom was purchased by Viva Corporate in
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Please find our updated analysis here.
United Group (UG) has used the proceeds from its tower sale to reduce leverage and to push its maturities out. The €570m Nov-25 PIYC SUNs will be refinanced by November 2024. Exactly when and how the refinance will take place is not clear yet. Operationally, Q2 was a strong quarter, with UG able to get ARPU increases whilst gaining RGUs in most of its markets.
Read MoreHaving completed the Towers sale, United Group (UG) will use some of the proceeds to redeem the 2024/25 SSNs. After these maturities, the subsequent maturity is the
Read MoreThe purchase of the United Group (UG) tower business by Saudi Arabia has taken a big step after approval from the Bulgarian competition
Read MoreUnited Group has improved its already dominant position in Bulgarian media. The antitrust approval for the acquisition of TV and
Read MoreAdria Midco is the TopCo for the restricted group, and the change to B2 Stable reflects the completion of the sale of the Tower Assets. The impact on the
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United’s 23Q1 numbers were slightly below our forecasts but demonstrated that inflationary rises are successfully being passed to customers via higher
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Please find our marginally altered analysis here.
United Group (UG) generated enough cash to repay the 2024/2025 bond maturities by selling its tower's business. The €476m PIYC notes are the next maturity, in Nov-25. Management will have to find a way to deal with the subordinate notes. We expect them to be refinanced, or tendered for at a premium to today's price. The question is when.
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United Group (UG) has confirmed that the €1.22bn proceeds from the Tower sale will refinance the €1.075bn 2024/2025 bonds. The remaining proceeds will repay part of
Read MoreRumours of a sale of Telemach in Croatia have surfaced before and been rejected by the company. United is actively seeking to part sell its
Read MoreUnited has acquired the mobile towers (148) and fibre network of Bulsatcom (3rd largest fixed telecom services provider in Bulgaria). The acquisition will add heft to the
Read MoreUnited Group’s commencement of the sale process for its Towers business is positive for the credit, albeit expected. The price tag of €1bn is above ou
Read MoreThe growing friction between the United Group and the Serbian authorities is an irritant but is not a threat to the group. United is removing
Read MorePlease find our unchanged analysis here.
United Group’s statement yesterday has set the clock ticking on the partial sale of its towers business. Proceeds would be used to part-fund the €1.1bn of 2024/25 maturities. These bonds currently yield 9% - 10%. In our recent analysis of United Group
Read MorePlease find our initiation on United Group here.
Like its peers, United has been acquisitive, has issued a lot of debt and is facing inflation. The corresponding rise in yields has cheapened the debt stack and we have decided to go long the short-dated bonds. Although higher yields will feed into higher interest costs
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