Kolkata | Mumbai: The deadline for exclusive talks between Vodafone Idea<\/a> (Vi<\/a>) and a foreign lenders’ consortium led by Oak Hill Advisors for finalising the terms of a $2-billion credit line for the telco has been extended to February 28 from January 31, said three people with direct knowledge. 一位投资银行家,与电信紧密合作,表示,债务融资将是一个更现实的选择为Vi在短期内股权融资将取决于新的注资co-promoters, Aditya Birla沃达丰空中通讯公司(Vodafone Group Plc)和组。 孟买加尔各答|:独家谈判的最后期限沃达丰的想法(六世)和一个外国银行财团为首的橡树山顾问为敲定20亿美元的信贷额度的条款为电信已经从1月31日延长至2月28日说,三个人有直接的知识。 Kolkata | Mumbai: The deadline for exclusive talks between Vodafone Idea<\/a> (Vi<\/a>) and a foreign lenders’ consortium led by Oak Hill Advisors for finalising the terms of a $2-billion credit line for the telco has been extended to February 28 from January 31, said three people with direct knowledge.
“The lock-in for exclusive talks has been extended as lenders are keen to close the deal but also want some safeguards and business milestones in place to protect their potential investments, especially as Vi’s financial struggles seem far from over as it continues to lose revenue and users,” a person close to consortium told ET.
An investment banker, who works closely with the telco, said raising debt would be a more realistic option for Vi in the near term as equity financing would hinge on fresh capital infusion by its co-promoters, Vodafone Group Plc<\/a> and the Aditya Birla Group<\/a>.
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<\/p>Read also<\/h4>
<\/a><\/figure>Vodafone may sell part of Indus stake to fund Vodafone Idea<\/a><\/h5><\/div>
<\/a><\/figure>Vodafone Idea: GoldenTree, PIMCO join Oak Hill-led consortium for $2 bn funding talks<\/a><\/h5><\/div><\/div><\/div>
‘Key criteria for equity funding’
<\/strong>
An improved balance sheet and competitive position are other key factors to attract equity funding.
“Most prudent approach would be a combination of debt and equity but it would make sense for Vi to tap equity markets once profitability returns, whereas debt-raising could happen immediately,” the banker said.
US-based investment firm Oak Hill is leading the consortium, which includes GoldenTree Asset Management, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners to provide an around $2 billion (Rs 14,600 crore) credit line to Vi.
One member of this consortium is believed to have recently pulled out after differences over funding terms and Vi’s valuation, said a person familiar with the matter. But other potential global lenders remained committed to participate in the fundraise via hybrid convertible funding instruments, comprising bonds and warrants with a linked equity option that would allow them to eventually convert a portion of their loans into shares in Vi, the person added.
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沃达丰的想法的融资谈判的最后期限延长至2月28日
“锁定排他性谈判被扩展为银行急于达成协议,还想要一些保障措施和业务里程碑来保护他们的潜在的投资,尤其是在Vi的金融斗争似乎远未结束,因为它继续失去收入和用户,”一位接近财团告诉等。
“股权融资的关键标准”
一种改进资产负债表和竞争地位来吸引其他关键因素进行股权融资。
“最谨慎的方法是结合债券和股票但意义Vi利用股市一旦利润回报,而举债可以立即发生,”这位银行家表示。
美国投资公司橡树山领导的财团,其中包括GoldenTree资产管理公司太平洋投资管理公司(第六街,双点资本和Varde合作伙伴提供一个约20亿美元(14600卢比)的信贷额度Vi。
这个联盟中的一员被认为是最近退出融资条款和Vi的估值分歧后,一名知情人士表示。但其他潜在的全球银行仍然致力于通过混合可兑换资金参与筹资工具,包括债券和认股权证与股票期权,允许他们最终一部分贷款转换成股票Vi,人补充说。
“The lock-in for exclusive talks has been extended as lenders are keen to close the deal but also want some safeguards and business milestones in place to protect their potential investments, especially as Vi’s financial struggles seem far from over as it continues to lose revenue and users,” a person close to consortium told ET.
An investment banker, who works closely with the telco, said raising debt would be a more realistic option for Vi in the near term as equity financing would hinge on fresh capital infusion by its co-promoters, Vodafone Group Plc<\/a> and the Aditya Birla Group<\/a>.
<\/p>Read also<\/h4>
<\/a><\/figure>Vodafone may sell part of Indus stake to fund Vodafone Idea<\/a><\/h5><\/div>
<\/a><\/figure>Vodafone Idea: GoldenTree, PIMCO join Oak Hill-led consortium for $2 bn funding talks<\/a><\/h5><\/div><\/div><\/div>
‘Key criteria for equity funding’
<\/strong>
An improved balance sheet and competitive position are other key factors to attract equity funding.
“Most prudent approach would be a combination of debt and equity but it would make sense for Vi to tap equity markets once profitability returns, whereas debt-raising could happen immediately,” the banker said.
US-based investment firm Oak Hill is leading the consortium, which includes GoldenTree Asset Management, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners to provide an around $2 billion (Rs 14,600 crore) credit line to Vi.
One member of this consortium is believed to have recently pulled out after differences over funding terms and Vi’s valuation, said a person familiar with the matter. But other potential global lenders remained committed to participate in the fundraise via hybrid convertible funding instruments, comprising bonds and warrants with a linked equity option that would allow them to eventually convert a portion of their loans into shares in Vi, the person added.
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