AVCJ

CVC to meet with NINE's lenders

  • Susannah Birkwood
  • LinkedIn  
  • Google plus  
  • Save this article  

CVC Asia Pacific is reportedly to meet with the lenders of its Australian media company NINE Entertainment tomorrow to discuss refinancing opportunities.

CVC and NINE last night sent an e-mail to its banking lenders - who are owed more than $3.6 billion - to arrange a meeting to propose new ways to deal with the company's debt, according to The Australian.

A refinancing proposal will be put forward at UBS' offices in Sydney.

The last time the private equity firm met with NINE's lenders is thought to be in July, when Adrian MacKenzie, CVC's Australia head, launched discussions to develop a manageable repayment strategy. Executives hoped at the time that the debt pile could be renegotiated to allow lenders take fees from NINE's operational rollover and earn a higher interest rate.

NINE currently has until February 2013 to repay its creditors.

CVC first acquired a stake in PBL Media, NINE's former name, in 2006, through a joint-venture with Consolidated Media Holdings. It upped its share by 25% in 2007, for approximately A$530 million ($568 million).

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Media

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs