United Group, the telco and media company in Southeastern Europe, has successfully completed an offering of its euro-denominated notes maturing in January 2032 for a total principal amount of €400 million. 

The issue price of the notes was par, and the notes have a fixed rate coupon of 6.25 per cent per annum. The notes are listed on The International Stock Exchange.

United Group advised that the proceeds from the offering will be used to refinance existing debt of the group, including the redemption of existing senior secured notes due 2027, the repayment of amounts drawn under the existing revolving credit facility and certain local facilities, and the payment of related fees and expenses. Following completion of the refinancing, net leverage is expected to remain unchanged (excluding expenses in connection with the transaction).

This transaction follows the publication of United Group’s Q3 and nine-month 2025 results on December 2nd, which showed year-on-year growth in both revenue and adjusted EBITDAal and a further reduction in leverage. For the first nine months of 2025, revenue increased by 3 per cent year-on-year to approximately €2 billion and Adjusted EBITDAal grew by 7 per cent to approximately €680 million, with last-twelve-month revenue reaching €2.7 billion (up 4 per cent year-on-year) and last-twelve-month Adjusted EBITDAal €909 million (up 9 per cent year-on-year). 

Stan Miller, CEO of United Group, commented: “This successful transaction is a further vote of confidence from our bond investors and a natural next step following our strong Q3 and nine-month results. It allows us to continue our prudent approach to managing the capital structure, while we remain focused on executing our strategy in our core EU markets and maintaining the positive momentum in the business.”

JP Morgan acted as global coordinator and physical bookrunner. BNP Paribas, Citigroup, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs, ING, KKR, Mizuho, Morgan Stanley, Raiffeisen Bank International and UniCredit acted as joint global coordinators and bookrunners.

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Categories: Articles, Business, Funding

Tags: BNP Paribas, Morgan Stanley, United Group