IPO for Telenet?

CablePartners’ investee company Telenet Group is considering a summer IPO on the back of strong results for the period ended 31 December 2003.

Cable Partners, which last year changed its name from Callahan Associates acquired 54.2% of Belgian broadband cable services provider Telenet in 2001 for an undisclosed amount.

In December 2003 TeleNet completed a successful bond offering as part of a refinancing to simplify its capital structure and reduce cost of debt. Under the offering, which was the first bond offering by a European cable company since 2000, the company raised €500m in senior notes at an interest rate of 9% and €258m equivalent in senior discount notes at an interest rate of 11.5%.

Telenet’s organic growth was further enhanced in the year by the acquisitions of Canal+ and Codenet.

US-based CablePartners is a global development and operations company focusing on the information, communications and entertainment markets. The group has interests in cable operations in Germany, France, Spain and Portugal. Since its foundation, and including Telenet, the group has raised around €10bn for investment in European broadband companies.