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Eircom hire advisors on potential IPO

Tuesday, April 29 12:03:21

eircom today said it has appointed Goldman Sachs International and Morgan Stanley International to explore strategic options for a potential international offering and listing.

Today's announcement follows the recent appointment of Rothschild as Independent Financial Advisor to eircom.

Eircom filed for protection from its creditors two years ago to restructure E3.75 billion of debt and was taken over by its senior lenders after cutting its debt by 40 per cent.

The examinership was the largest in Irish corporate history and saw nearly all of the company's junior debt wiped out.

Eircom now has debts of about E2.2 billion, and it recently negotiated an extension of some of these loans, pushing out the maturity of the senior notes from 2017 to 2019, in what it called an "amend and extend" process.