Broadcast transmission provider Arqiva is looking at options to refinance its £3.4 billion of debt raised when Macquarie acquired National Grid Wireless in 2007, reports Reuters, quoting unnamed sources.

Early stage discussions are being held between shareholders of Arqiva, the company and a few banks on how to refinance the debt, some of which matures as early as 2014, according to reports.

Arqiva is owned by a consortium of seven shareholder groups, the two largest being Canada Pension Plan Investment Board with a 48 per cent holding and Macquarie European Infrastructure Fund 2 with a 25 per cent holding.

Arqiva’s debt – a hybrid infrastructure, leveraged loan deal – was put in place in 2007 to back Macquarie’s £2.5 billion buyout of NGW from National Grid and refinance Arqiva’s debt.

The shareholders are now exploring which investor base to access in order to refinance the large deal as the original hybrid structure, a product of the boom-time era, is not available any more.

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