![\"<p>“Vi’s](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
While talks between the two sides have not fallen through completely, the telecom JV between UK’s Vodafone Group<\/a> and Aditya Birla Group<\/a> is already exploring other potential funding partners and is confident of securing funding by the end of this month, one of the people said. The person added that there is surplus cash with US funds, and the Indian telecom business outlook is looking up amid surging data consumption growth, post-pandemic.
The exclusivity period for talks between the group of potential lenders consisting of Oak Hill, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners and Vodafone Idea ended February 28, without any deal. Of the original members of the consortium, GoldenTree has already exited.
Several unresolved issues
<\/strong>
The original deadline for exclusive talks was January 31, which was extended by a month.
Spokespersons for the Vodafone Group, Oak Hill and Varde declined to comment while Vi and the Aditya Birla<\/a> Group did not reply to ET queries till press time.
Sources in financial circles and top industry<\/a> executives said Vi’s potential foreign lenders have voiced apprehensions about the cash-strapped telco’s future ability to meet upcoming payment obligations, including adjusted gross revenue (AGR) dues and spectrum liabilities, especially as the company’s revenue has largely remained stagnant and customer losses have continued.
“Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default,” a person close to the global consortium told ET.
Vi shares closed 1.43% lower at Rs 11 on BSE on Thursday.
Over the past few months, Vi has been in talks with the Oak Hill-led consortium to finalise the terms of a $2 billion (Rs 15,000 crore approx) credit line via hybrid convertible funding instruments, comprising bonds and warrants. The credit line, which was to be used to expand the carrier’s 4G network, was meant to be a part of the overall Rs 25,000 crore that Vi plans to raise via a mix of debt and equity.
But the operator has been struggling to turn around its financials and has been unable to stop customer losses. In the October-December quarter, the telco’s revenue rose less than 1% on quarter, compared with Airtel’s nearly 7% and Jio’s 6% growth. Its average revenue per user at December end was at Rs121, lagging Airtel’s Rs 166 and Jio’s Rs 151.
Read also<\/h4><\/a><\/figure>Vodafone Idea to use funds from capital raise to boost 4G coverage in 16 circles to stem user losses<\/a><\/h5><\/div><\/a><\/figure>GoldenTree exits Vodafone Idea lenders’ consortium<\/a><\/h5><\/div><\/div><\/div>
Goldman Sachs said in a report that the telco “has very limited liquidity available”. The company had cash of Rs 200 crore at December end. Its Ebitda is expected at Rs1,800 crore in the March quarter when it needs to pay some Rs 500 crore as bank interest and Rs 700 crore as upfront payment for the spectrum it bought in the just ended auctions.
Despite limited participation in the recent airwave sale, Vi’s annual spectrum payment obligation to the government will be at Rs 14,100 crore starting FY23, the highest among the Big 3 telcos, according to Goldman Sachs.
Besides this, Vi needs funds to also start clearing its Rs 50,400 crore dues to the government based on adjusted gross revenue (AGR) in 10 annual instalments.
\"Any Indian telco, particularly in distress, needs to credibly demonstrate its ability to realise its turnaround strategy and cash flow projections to earn and sustain overseas investor confidence…it’s an uphill task, but doable,” said Hemant Mishr, chief investment officer at Scube Fixed Income, a Singapore-based fund.
He added that on the positive side, given the liquidity stance of global central banks, there is “abundant liquidity sloshing globally and investors are on the lookout for high yielding assets.”
<\/span>ETTelecom Roundtables: Vodafone Idea, Nokia executives discuss enterprise opportunity in India<\/a><\/div><\/div>
<\/body>","next_sibling":[{"msid":81341328,"title":"Mail.ru expects 2021 revenue to hit $1.75 billion after COVID catalyst","entity_type":"ARTICLE","link":"\/news\/mail-ru-expects-2021-revenue-to-hit-1-75-billion-after-covid-catalyst\/81341328","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"73273673","title":"India's telecom sector in a rewind; everything from AGR, BSNL revival, 5G, IUC to tariff hikes in 2019","entity_type":"PHOTOGALLERYSLIDESHOWSECTION","seopath":"slide-shows\/indias-telecom-sector-in-a-rewind-everything-from-agr-bsnl-revival-5g-iuc-to-tariff-hikes-in-2019","category_name":"Slide-Shows","synopsis":"ETT brings a slideshow on Indian telecom sector developments in 2019","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-3313303\/73273673.cms?width=150&height=112","link":"\/slide-shows\/indias-telecom-sector-in-a-rewind-everything-from-agr-bsnl-revival-5g-iuc-to-tariff-hikes-in-2019\/73273673"},{"msid":"79166421","title":"ETTelecom Roundtables: Vodafone Idea, Nokia executives discuss enterprise opportunity in India","entity_type":"MEDIAVIDEO","seopath":"videos\/ettelecom-roundtables-vodafone-idea-nokia-executives-discuss-enterprise-opportunity-in-india","category_name":"Videos","synopsis":"ET Telecom discusses enterprise opportunity for telcos in India. Vodafone Idea's director of enterprise biz, Abhijit Kishore, Pierre Tournassoud, CTO Global Enterprise & Public Sector, Nokia, Kapil Mehrotra, Group Chief Technical Officer, NCMSL, Dr. Vijay Choudhary, AVP (IT), Royal Orchid Hotels discuss connectivity challenges, new enterprise use case, cyber security and more","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-608148\/79166421.cms?width=150&height=112","link":"\/videos\/ettelecom-roundtables-vodafone-idea-nokia-executives-discuss-enterprise-opportunity-in-india\/79166421"}],"msid":81341417,"entity_type":"ARTICLE","title":"Fundraising plans of Vodafone Idea hit hurdles","synopsis":"\u201cVi\u2019s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco\u2019s assets in case of a payment default,\u201d a person close to the global consortium told ET.","titleseo":"telecomnews\/fundraising-plans-of-vodafone-idea-hit-hurdles","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}},{"author_name":"Saikat Das","author_link":"\/author\/479193971\/saikat-das","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479193971.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":479193971,"author_name":"Saikat Das","author_seo_name":"saikat-das","designation":"Sr Asst Editor","agency":false}}],"analytics":{"comments":0,"views":4387,"shares":0,"engagementtimems":21935000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2021-03-05 08:32:32","lastupd":"2021-03-05 11:59:59","breadcrumbTags":["Vodafone Idea","Vodafone Idea fundraising","Aditya Birla","Aditya Birla Group","Industry","Varde Partners","Vodafone group","telecom news"],"secinfo":{"seolocation":"telecomnews\/fundraising-plans-of-vodafone-idea-hit-hurdles"}}" data-authors="[" kalyan parbat","saikat das"]" data-category-name="" data-category_id="" data-date="2021-03-05" data-index="article_1">
- Telecom乐动扑克News
- 3分钟阅读
融资计划沃达丰的思想障碍
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
< / p >">
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
孟买加尔各答|:沃达丰的想法(Vi)大额融资计划遭遇寒流与潜在借款人的主要成员差异后财团如橡树山Varde伙伴在融资条款和支付提供担保的情况下违约,人们意识到说。
虽然谈判双方没有完全失败,英国之间的电信企业沃达丰集团和Aditya Birla集团已经探索其他可能的资金合作伙伴和有信心保证资金到本月底,一位知情人士说。这个人还说,与我们有现金盈余资金,和印度电信业务前景查找数据急剧上涨造成的消费增长,流行后。
组之间的排他性谈判期限的潜在债权人组成的橡树山,太平洋投资管理公司(第六街,双点资本和Varde伙伴和沃达丰(Vodafone)截至2月28日,没有任何协议。GoldenTree最初的财团的成员,已经退出了。
几个未解决的问题
最初的排他性谈判的最后期限是1月31日,这是延长一个月。
沃达丰集团的发言人,橡树山和Varde而Vi和拒绝置评Aditya Birla)集团没有回复直到截稿时间等查询。
在金融界和来源行业高管表示,六世的潜在的外资银行已表示担忧的电信未来的能力以满足即将到来的支付义务,包括调整后总收入(AGR)会费和频谱负债,特别是公司的收入在很大程度上仍然停滞不前,持续的客户损失。
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
Vi股价收低1.43%周四在Rs 11疯牛病。
在过去的几个月里,Vi与橡树Hill-led财团敲定的条款15000卢比(约)20亿美元的信贷额度通过混合可转融资工具,包括债券和认股权证。信用额度,用于扩大运营商的4 g网络,是整体的一部分25000卢比,Vi计划提高通过混合债券和股票。
但运营商一直在努力扭转其金融和一直无法阻止客户流失。在去年第四季度,电信的季度营收增长不到1%,相比之下,Airtel的近7%,Jio增长6%。每用户平均收入在12月结束Rs121,滞后Airtel的Rs 166和Jio Rs 151。
高盛(Goldman Sachs)的一份报告中表示,电信“流动性提供非常有限”。公司有现金200卢比在12月结束。其预计Ebitda Rs1,800卢比在第一季度需要支付500卢比作为银行利息和700卢比作为光谱前期付款购买刚刚结束拍卖。
尽管参与最近的电视销售有限,Vi的年度频谱向政府支付义务将在14100卢比FY23开始,三大电信公司中最高的,据高盛(Goldman Sachs)。
除此之外,Vi需要资金也开始清算其政府50400卢比费根据调整后的总收益(AGR) 10年分期。
“任何印度电信,尤其是痛苦,意识到需要令人信服地证明其能力转变策略和现金流预测获得和维持海外投资者信心…这是一个艰巨的任务,但可行的,“赫曼特Mishr说,首席投资官特殊情况固定收益、新加坡的基金。
他补充说,从积极的一面来看,鉴于全球央行的流动性的立场,有“丰富的全球流动性和投资者在寻找高收益资产。”
“Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default,” a person close to the global consortium told ET.<\/span><\/figcaption><\/figure>Kolkata | Mumbai: Vodafone Idea<\/a>’s (Vi) big-ticket fundraising plans have hit an air pocket following differences with key members of the prospective lenders’ consortium such as Oak Hill and Varde Partners<\/a> over funding terms and furnishing of guarantees in case of payment defaults, people aware of the matter said.
While talks between the two sides have not fallen through completely, the telecom JV between UK’s Vodafone Group<\/a> and Aditya Birla Group<\/a> is already exploring other potential funding partners and is confident of securing funding by the end of this month, one of the people said. The person added that there is surplus cash with US funds, and the Indian telecom business outlook is looking up amid surging data consumption growth, post-pandemic.
The exclusivity period for talks between the group of potential lenders consisting of Oak Hill, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners and Vodafone Idea ended February 28, without any deal. Of the original members of the consortium, GoldenTree has already exited.
Several unresolved issues
<\/strong>
The original deadline for exclusive talks was January 31, which was extended by a month.
Spokespersons for the Vodafone Group, Oak Hill and Varde declined to comment while Vi and the Aditya Birla<\/a> Group did not reply to ET queries till press time.
Sources in financial circles and top industry<\/a> executives said Vi’s potential foreign lenders have voiced apprehensions about the cash-strapped telco’s future ability to meet upcoming payment obligations, including adjusted gross revenue (AGR) dues and spectrum liabilities, especially as the company’s revenue has largely remained stagnant and customer losses have continued.
“Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default,” a person close to the global consortium told ET.
Vi shares closed 1.43% lower at Rs 11 on BSE on Thursday.
Over the past few months, Vi has been in talks with the Oak Hill-led consortium to finalise the terms of a $2 billion (Rs 15,000 crore approx) credit line via hybrid convertible funding instruments, comprising bonds and warrants. The credit line, which was to be used to expand the carrier’s 4G network, was meant to be a part of the overall Rs 25,000 crore that Vi plans to raise via a mix of debt and equity.
But the operator has been struggling to turn around its financials and has been unable to stop customer losses. In the October-December quarter, the telco’s revenue rose less than 1% on quarter, compared with Airtel’s nearly 7% and Jio’s 6% growth. Its average revenue per user at December end was at Rs121, lagging Airtel’s Rs 166 and Jio’s Rs 151.
Read also<\/h4><\/a><\/figure>Vodafone Idea to use funds from capital raise to boost 4G coverage in 16 circles to stem user losses<\/a><\/h5><\/div><\/a><\/figure>GoldenTree exits Vodafone Idea lenders’ consortium<\/a><\/h5><\/div><\/div><\/div>
Goldman Sachs said in a report that the telco “has very limited liquidity available”. The company had cash of Rs 200 crore at December end. Its Ebitda is expected at Rs1,800 crore in the March quarter when it needs to pay some Rs 500 crore as bank interest and Rs 700 crore as upfront payment for the spectrum it bought in the just ended auctions.
Despite limited participation in the recent airwave sale, Vi’s annual spectrum payment obligation to the government will be at Rs 14,100 crore starting FY23, the highest among the Big 3 telcos, according to Goldman Sachs.
Besides this, Vi needs funds to also start clearing its Rs 50,400 crore dues to the government based on adjusted gross revenue (AGR) in 10 annual instalments.
\"Any Indian telco, particularly in distress, needs to credibly demonstrate its ability to realise its turnaround strategy and cash flow projections to earn and sustain overseas investor confidence…it’s an uphill task, but doable,” said Hemant Mishr, chief investment officer at Scube Fixed Income, a Singapore-based fund.
He added that on the positive side, given the liquidity stance of global central banks, there is “abundant liquidity sloshing globally and investors are on the lookout for high yielding assets.”
<\/a><\/figure>Vodafone Idea to use funds from capital raise to boost 4G coverage in 16 circles to stem user losses<\/a><\/h5><\/div><\/a><\/figure>GoldenTree exits Vodafone Idea lenders’ consortium<\/a><\/h5><\/div><\/div><\/div>
Goldman Sachs said in a report that the telco “has very limited liquidity available”. The company had cash of Rs 200 crore at December end. Its Ebitda is expected at Rs1,800 crore in the March quarter when it needs to pay some Rs 500 crore as bank interest and Rs 700 crore as upfront payment for the spectrum it bought in the just ended auctions.
Despite limited participation in the recent airwave sale, Vi’s annual spectrum payment obligation to the government will be at Rs 14,100 crore starting FY23, the highest among the Big 3 telcos, according to Goldman Sachs.
Besides this, Vi needs funds to also start clearing its Rs 50,400 crore dues to the government based on adjusted gross revenue (AGR) in 10 annual instalments.
\"Any Indian telco, particularly in distress, needs to credibly demonstrate its ability to realise its turnaround strategy and cash flow projections to earn and sustain overseas investor confidence…it’s an uphill task, but doable,” said Hemant Mishr, chief investment officer at Scube Fixed Income, a Singapore-based fund.
He added that on the positive side, given the liquidity stance of global central banks, there is “abundant liquidity sloshing globally and investors are on the lookout for high yielding assets.”
<\/span>ETTelecom Roundtables: Vodafone Idea, Nokia executives discuss enterprise opportunity in India<\/a><\/div><\/div>
<\/body>","next_sibling":[{"msid":81341328,"title":"Mail.ru expects 2021 revenue to hit $1.75 billion after COVID catalyst","entity_type":"ARTICLE","link":"\/news\/mail-ru-expects-2021-revenue-to-hit-1-75-billion-after-covid-catalyst\/81341328","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"73273673","title":"India's telecom sector in a rewind; everything from AGR, BSNL revival, 5G, IUC to tariff hikes in 2019","entity_type":"PHOTOGALLERYSLIDESHOWSECTION","seopath":"slide-shows\/indias-telecom-sector-in-a-rewind-everything-from-agr-bsnl-revival-5g-iuc-to-tariff-hikes-in-2019","category_name":"Slide-Shows","synopsis":"ETT brings a slideshow on Indian telecom sector developments in 2019","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-3313303\/73273673.cms?width=150&height=112","link":"\/slide-shows\/indias-telecom-sector-in-a-rewind-everything-from-agr-bsnl-revival-5g-iuc-to-tariff-hikes-in-2019\/73273673"},{"msid":"79166421","title":"ETTelecom Roundtables: Vodafone Idea, Nokia executives discuss enterprise opportunity in India","entity_type":"MEDIAVIDEO","seopath":"videos\/ettelecom-roundtables-vodafone-idea-nokia-executives-discuss-enterprise-opportunity-in-india","category_name":"Videos","synopsis":"ET Telecom discusses enterprise opportunity for telcos in India. Vodafone Idea's director of enterprise biz, Abhijit Kishore, Pierre Tournassoud, CTO Global Enterprise & Public Sector, Nokia, Kapil Mehrotra, Group Chief Technical Officer, NCMSL, Dr. Vijay Choudhary, AVP (IT), Royal Orchid Hotels discuss connectivity challenges, new enterprise use case, cyber security and more","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-608148\/79166421.cms?width=150&height=112","link":"\/videos\/ettelecom-roundtables-vodafone-idea-nokia-executives-discuss-enterprise-opportunity-in-india\/79166421"}],"msid":81341417,"entity_type":"ARTICLE","title":"Fundraising plans of Vodafone Idea hit hurdles","synopsis":"\u201cVi\u2019s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco\u2019s assets in case of a payment default,\u201d a person close to the global consortium told ET.","titleseo":"telecomnews\/fundraising-plans-of-vodafone-idea-hit-hurdles","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}},{"author_name":"Saikat Das","author_link":"\/author\/479193971\/saikat-das","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479193971.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":479193971,"author_name":"Saikat Das","author_seo_name":"saikat-das","designation":"Sr Asst Editor","agency":false}}],"analytics":{"comments":0,"views":4387,"shares":0,"engagementtimems":21935000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2021-03-05 08:32:32","lastupd":"2021-03-05 11:59:59","breadcrumbTags":["Vodafone Idea","Vodafone Idea fundraising","Aditya Birla","Aditya Birla Group","Industry","Varde Partners","Vodafone group","telecom news"],"secinfo":{"seolocation":"telecomnews\/fundraising-plans-of-vodafone-idea-hit-hurdles"}}" data-authors="[" kalyan parbat","saikat das"]" data-category-name="" data-category_id="" data-date="2021-03-05" data-index="article_1">
- Telecom乐动扑克News
- 3分钟阅读
融资计划沃达丰的思想障碍
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
< / p >">
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
孟买加尔各答|:沃达丰的想法(Vi)大额融资计划遭遇寒流与潜在借款人的主要成员差异后财团如橡树山Varde伙伴在融资条款和支付提供担保的情况下违约,人们意识到说。
虽然谈判双方没有完全失败,英国之间的电信企业沃达丰集团和Aditya Birla集团已经探索其他可能的资金合作伙伴和有信心保证资金到本月底,一位知情人士说。这个人还说,与我们有现金盈余资金,和印度电信业务前景查找数据急剧上涨造成的消费增长,流行后。
组之间的排他性谈判期限的潜在债权人组成的橡树山,太平洋投资管理公司(第六街,双点资本和Varde伙伴和沃达丰(Vodafone)截至2月28日,没有任何协议。GoldenTree最初的财团的成员,已经退出了。
几个未解决的问题
最初的排他性谈判的最后期限是1月31日,这是延长一个月。
沃达丰集团的发言人,橡树山和Varde而Vi和拒绝置评Aditya Birla)集团没有回复直到截稿时间等查询。
在金融界和来源行业高管表示,六世的潜在的外资银行已表示担忧的电信未来的能力以满足即将到来的支付义务,包括调整后总收入(AGR)会费和频谱负债,特别是公司的收入在很大程度上仍然停滞不前,持续的客户损失。
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
Vi股价收低1.43%周四在Rs 11疯牛病。
在过去的几个月里,Vi与橡树Hill-led财团敲定的条款15000卢比(约)20亿美元的信贷额度通过混合可转融资工具,包括债券和认股权证。信用额度,用于扩大运营商的4 g网络,是整体的一部分25000卢比,Vi计划提高通过混合债券和股票。
但运营商一直在努力扭转其金融和一直无法阻止客户流失。在去年第四季度,电信的季度营收增长不到1%,相比之下,Airtel的近7%,Jio增长6%。每用户平均收入在12月结束Rs121,滞后Airtel的Rs 166和Jio Rs 151。
高盛(Goldman Sachs)的一份报告中表示,电信“流动性提供非常有限”。公司有现金200卢比在12月结束。其预计Ebitda Rs1,800卢比在第一季度需要支付500卢比作为银行利息和700卢比作为光谱前期付款购买刚刚结束拍卖。
尽管参与最近的电视销售有限,Vi的年度频谱向政府支付义务将在14100卢比FY23开始,三大电信公司中最高的,据高盛(Goldman Sachs)。
除此之外,Vi需要资金也开始清算其政府50400卢比费根据调整后的总收益(AGR) 10年分期。
“任何印度电信,尤其是痛苦,意识到需要令人信服地证明其能力转变策略和现金流预测获得和维持海外投资者信心…这是一个艰巨的任务,但可行的,“赫曼特Mishr说,首席投资官特殊情况固定收益、新加坡的基金。
他补充说,从积极的一面来看,鉴于全球央行的流动性的立场,有“丰富的全球流动性和投资者在寻找高收益资产。”
“Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default,” a person close to the global consortium told ET.<\/span><\/figcaption><\/figure>Kolkata | Mumbai: Vodafone Idea<\/a>’s (Vi) big-ticket fundraising plans have hit an air pocket following differences with key members of the prospective lenders’ consortium such as Oak Hill and Varde Partners<\/a> over funding terms and furnishing of guarantees in case of payment defaults, people aware of the matter said.
While talks between the two sides have not fallen through completely, the telecom JV between UK’s Vodafone Group<\/a> and Aditya Birla Group<\/a> is already exploring other potential funding partners and is confident of securing funding by the end of this month, one of the people said. The person added that there is surplus cash with US funds, and the Indian telecom business outlook is looking up amid surging data consumption growth, post-pandemic.
The exclusivity period for talks between the group of potential lenders consisting of Oak Hill, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners and Vodafone Idea ended February 28, without any deal. Of the original members of the consortium, GoldenTree has already exited.
Several unresolved issues
<\/strong>
The original deadline for exclusive talks was January 31, which was extended by a month.
Spokespersons for the Vodafone Group, Oak Hill and Varde declined to comment while Vi and the Aditya Birla<\/a> Group did not reply to ET queries till press time.
Sources in financial circles and top industry<\/a> executives said Vi’s potential foreign lenders have voiced apprehensions about the cash-strapped telco’s future ability to meet upcoming payment obligations, including adjusted gross revenue (AGR) dues and spectrum liabilities, especially as the company’s revenue has largely remained stagnant and customer losses have continued.
“Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default,” a person close to the global consortium told ET.
Vi shares closed 1.43% lower at Rs 11 on BSE on Thursday.
Over the past few months, Vi has been in talks with the Oak Hill-led consortium to finalise the terms of a $2 billion (Rs 15,000 crore approx) credit line via hybrid convertible funding instruments, comprising bonds and warrants. The credit line, which was to be used to expand the carrier’s 4G network, was meant to be a part of the overall Rs 25,000 crore that Vi plans to raise via a mix of debt and equity.
But the operator has been struggling to turn around its financials and has been unable to stop customer losses. In the October-December quarter, the telco’s revenue rose less than 1% on quarter, compared with Airtel’s nearly 7% and Jio’s 6% growth. Its average revenue per user at December end was at Rs121, lagging Airtel’s Rs 166 and Jio’s Rs 151.
Read also<\/h4><\/a><\/figure>Vodafone Idea to use funds from capital raise to boost 4G coverage in 16 circles to stem user losses<\/a><\/h5><\/div><\/a><\/figure>GoldenTree exits Vodafone Idea lenders’ consortium<\/a><\/h5><\/div><\/div><\/div>
Goldman Sachs said in a report that the telco “has very limited liquidity available”. The company had cash of Rs 200 crore at December end. Its Ebitda is expected at Rs1,800 crore in the March quarter when it needs to pay some Rs 500 crore as bank interest and Rs 700 crore as upfront payment for the spectrum it bought in the just ended auctions.
Despite limited participation in the recent airwave sale, Vi’s annual spectrum payment obligation to the government will be at Rs 14,100 crore starting FY23, the highest among the Big 3 telcos, according to Goldman Sachs.
Besides this, Vi needs funds to also start clearing its Rs 50,400 crore dues to the government based on adjusted gross revenue (AGR) in 10 annual instalments.
\"Any Indian telco, particularly in distress, needs to credibly demonstrate its ability to realise its turnaround strategy and cash flow projections to earn and sustain overseas investor confidence…it’s an uphill task, but doable,” said Hemant Mishr, chief investment officer at Scube Fixed Income, a Singapore-based fund.
He added that on the positive side, given the liquidity stance of global central banks, there is “abundant liquidity sloshing globally and investors are on the lookout for high yielding assets.”
<\/a><\/figure>GoldenTree exits Vodafone Idea lenders’ consortium<\/a><\/h5><\/div><\/div><\/div>
Goldman Sachs said in a report that the telco “has very limited liquidity available”. The company had cash of Rs 200 crore at December end. Its Ebitda is expected at Rs1,800 crore in the March quarter when it needs to pay some Rs 500 crore as bank interest and Rs 700 crore as upfront payment for the spectrum it bought in the just ended auctions.
Despite limited participation in the recent airwave sale, Vi’s annual spectrum payment obligation to the government will be at Rs 14,100 crore starting FY23, the highest among the Big 3 telcos, according to Goldman Sachs.
Besides this, Vi needs funds to also start clearing its Rs 50,400 crore dues to the government based on adjusted gross revenue (AGR) in 10 annual instalments.
\"Any Indian telco, particularly in distress, needs to credibly demonstrate its ability to realise its turnaround strategy and cash flow projections to earn and sustain overseas investor confidence…it’s an uphill task, but doable,” said Hemant Mishr, chief investment officer at Scube Fixed Income, a Singapore-based fund.
He added that on the positive side, given the liquidity stance of global central banks, there is “abundant liquidity sloshing globally and investors are on the lookout for high yielding assets.”
<\/span>ETTelecom Roundtables: Vodafone Idea, Nokia executives discuss enterprise opportunity in India<\/a><\/div><\/div>
<\/body>","next_sibling":[{"msid":81341328,"title":"Mail.ru expects 2021 revenue to hit $1.75 billion after COVID catalyst","entity_type":"ARTICLE","link":"\/news\/mail-ru-expects-2021-revenue-to-hit-1-75-billion-after-covid-catalyst\/81341328","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"73273673","title":"India's telecom sector in a rewind; everything from AGR, BSNL revival, 5G, IUC to tariff hikes in 2019","entity_type":"PHOTOGALLERYSLIDESHOWSECTION","seopath":"slide-shows\/indias-telecom-sector-in-a-rewind-everything-from-agr-bsnl-revival-5g-iuc-to-tariff-hikes-in-2019","category_name":"Slide-Shows","synopsis":"ETT brings a slideshow on Indian telecom sector developments in 2019","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-3313303\/73273673.cms?width=150&height=112","link":"\/slide-shows\/indias-telecom-sector-in-a-rewind-everything-from-agr-bsnl-revival-5g-iuc-to-tariff-hikes-in-2019\/73273673"},{"msid":"79166421","title":"ETTelecom Roundtables: Vodafone Idea, Nokia executives discuss enterprise opportunity in India","entity_type":"MEDIAVIDEO","seopath":"videos\/ettelecom-roundtables-vodafone-idea-nokia-executives-discuss-enterprise-opportunity-in-india","category_name":"Videos","synopsis":"ET Telecom discusses enterprise opportunity for telcos in India. Vodafone Idea's director of enterprise biz, Abhijit Kishore, Pierre Tournassoud, CTO Global Enterprise & Public Sector, Nokia, Kapil Mehrotra, Group Chief Technical Officer, NCMSL, Dr. Vijay Choudhary, AVP (IT), Royal Orchid Hotels discuss connectivity challenges, new enterprise use case, cyber security and more","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-608148\/79166421.cms?width=150&height=112","link":"\/videos\/ettelecom-roundtables-vodafone-idea-nokia-executives-discuss-enterprise-opportunity-in-india\/79166421"}],"msid":81341417,"entity_type":"ARTICLE","title":"Fundraising plans of Vodafone Idea hit hurdles","synopsis":"\u201cVi\u2019s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco\u2019s assets in case of a payment default,\u201d a person close to the global consortium told ET.","titleseo":"telecomnews\/fundraising-plans-of-vodafone-idea-hit-hurdles","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}},{"author_name":"Saikat Das","author_link":"\/author\/479193971\/saikat-das","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479193971.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":479193971,"author_name":"Saikat Das","author_seo_name":"saikat-das","designation":"Sr Asst Editor","agency":false}}],"analytics":{"comments":0,"views":4387,"shares":0,"engagementtimems":21935000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2021-03-05 08:32:32","lastupd":"2021-03-05 11:59:59","breadcrumbTags":["Vodafone Idea","Vodafone Idea fundraising","Aditya Birla","Aditya Birla Group","Industry","Varde Partners","Vodafone group","telecom news"],"secinfo":{"seolocation":"telecomnews\/fundraising-plans-of-vodafone-idea-hit-hurdles"}}" data-authors="[" kalyan parbat","saikat das"]" data-category-name="" data-category_id="" data-date="2021-03-05" data-index="article_1">
- Telecom乐动扑克News
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融资计划沃达丰的思想障碍
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
< / p >">
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
孟买加尔各答|:沃达丰的想法(Vi)大额融资计划遭遇寒流与潜在借款人的主要成员差异后财团如橡树山Varde伙伴在融资条款和支付提供担保的情况下违约,人们意识到说。
虽然谈判双方没有完全失败,英国之间的电信企业沃达丰集团和Aditya Birla集团已经探索其他可能的资金合作伙伴和有信心保证资金到本月底,一位知情人士说。这个人还说,与我们有现金盈余资金,和印度电信业务前景查找数据急剧上涨造成的消费增长,流行后。
组之间的排他性谈判期限的潜在债权人组成的橡树山,太平洋投资管理公司(第六街,双点资本和Varde伙伴和沃达丰(Vodafone)截至2月28日,没有任何协议。GoldenTree最初的财团的成员,已经退出了。
几个未解决的问题
最初的排他性谈判的最后期限是1月31日,这是延长一个月。
沃达丰集团的发言人,橡树山和Varde而Vi和拒绝置评Aditya Birla)集团没有回复直到截稿时间等查询。
在金融界和来源行业高管表示,六世的潜在的外资银行已表示担忧的电信未来的能力以满足即将到来的支付义务,包括调整后总收入(AGR)会费和频谱负债,特别是公司的收入在很大程度上仍然停滞不前,持续的客户损失。
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
Vi股价收低1.43%周四在Rs 11疯牛病。
在过去的几个月里,Vi与橡树Hill-led财团敲定的条款15000卢比(约)20亿美元的信贷额度通过混合可转融资工具,包括债券和认股权证。信用额度,用于扩大运营商的4 g网络,是整体的一部分25000卢比,Vi计划提高通过混合债券和股票。
但运营商一直在努力扭转其金融和一直无法阻止客户流失。在去年第四季度,电信的季度营收增长不到1%,相比之下,Airtel的近7%,Jio增长6%。每用户平均收入在12月结束Rs121,滞后Airtel的Rs 166和Jio Rs 151。
高盛(Goldman Sachs)的一份报告中表示,电信“流动性提供非常有限”。公司有现金200卢比在12月结束。其预计Ebitda Rs1,800卢比在第一季度需要支付500卢比作为银行利息和700卢比作为光谱前期付款购买刚刚结束拍卖。
尽管参与最近的电视销售有限,Vi的年度频谱向政府支付义务将在14100卢比FY23开始,三大电信公司中最高的,据高盛(Goldman Sachs)。
除此之外,Vi需要资金也开始清算其政府50400卢比费根据调整后的总收益(AGR) 10年分期。
“任何印度电信,尤其是痛苦,意识到需要令人信服地证明其能力转变策略和现金流预测获得和维持海外投资者信心…这是一个艰巨的任务,但可行的,“赫曼特Mishr说,首席投资官特殊情况固定收益、新加坡的基金。
他补充说,从积极的一面来看,鉴于全球央行的流动性的立场,有“丰富的全球流动性和投资者在寻找高收益资产。”
“Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default,” a person close to the global consortium told ET.<\/span><\/figcaption><\/figure>Kolkata | Mumbai: Vodafone Idea<\/a>’s (Vi) big-ticket fundraising plans have hit an air pocket following differences with key members of the prospective lenders’ consortium such as Oak Hill and Varde Partners<\/a> over funding terms and furnishing of guarantees in case of payment defaults, people aware of the matter said.
While talks between the two sides have not fallen through completely, the telecom JV between UK’s Vodafone Group<\/a> and Aditya Birla Group<\/a> is already exploring other potential funding partners and is confident of securing funding by the end of this month, one of the people said. The person added that there is surplus cash with US funds, and the Indian telecom business outlook is looking up amid surging data consumption growth, post-pandemic.
The exclusivity period for talks between the group of potential lenders consisting of Oak Hill, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners and Vodafone Idea ended February 28, without any deal. Of the original members of the consortium, GoldenTree has already exited.
Several unresolved issues
<\/strong>
The original deadline for exclusive talks was January 31, which was extended by a month.
Spokespersons for the Vodafone Group, Oak Hill and Varde declined to comment while Vi and the Aditya Birla<\/a> Group did not reply to ET queries till press time.
Sources in financial circles and top industry<\/a> executives said Vi’s potential foreign lenders have voiced apprehensions about the cash-strapped telco’s future ability to meet upcoming payment obligations, including adjusted gross revenue (AGR) dues and spectrum liabilities, especially as the company’s revenue has largely remained stagnant and customer losses have continued.
“Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default,” a person close to the global consortium told ET.
Vi shares closed 1.43% lower at Rs 11 on BSE on Thursday.
Over the past few months, Vi has been in talks with the Oak Hill-led consortium to finalise the terms of a $2 billion (Rs 15,000 crore approx) credit line via hybrid convertible funding instruments, comprising bonds and warrants. The credit line, which was to be used to expand the carrier’s 4G network, was meant to be a part of the overall Rs 25,000 crore that Vi plans to raise via a mix of debt and equity.
But the operator has been struggling to turn around its financials and has been unable to stop customer losses. In the October-December quarter, the telco’s revenue rose less than 1% on quarter, compared with Airtel’s nearly 7% and Jio’s 6% growth. Its average revenue per user at December end was at Rs121, lagging Airtel’s Rs 166 and Jio’s Rs 151.
Read also<\/h4><\/a><\/figure>Vodafone Idea to use funds from capital raise to boost 4G coverage in 16 circles to stem user losses<\/a><\/h5><\/div><\/a><\/figure>GoldenTree exits Vodafone Idea lenders’ consortium<\/a><\/h5><\/div><\/div><\/div>
Goldman Sachs said in a report that the telco “has very limited liquidity available”. The company had cash of Rs 200 crore at December end. Its Ebitda is expected at Rs1,800 crore in the March quarter when it needs to pay some Rs 500 crore as bank interest and Rs 700 crore as upfront payment for the spectrum it bought in the just ended auctions.
Despite limited participation in the recent airwave sale, Vi’s annual spectrum payment obligation to the government will be at Rs 14,100 crore starting FY23, the highest among the Big 3 telcos, according to Goldman Sachs.
Besides this, Vi needs funds to also start clearing its Rs 50,400 crore dues to the government based on adjusted gross revenue (AGR) in 10 annual instalments.
\"Any Indian telco, particularly in distress, needs to credibly demonstrate its ability to realise its turnaround strategy and cash flow projections to earn and sustain overseas investor confidence…it’s an uphill task, but doable,” said Hemant Mishr, chief investment officer at Scube Fixed Income, a Singapore-based fund.
He added that on the positive side, given the liquidity stance of global central banks, there is “abundant liquidity sloshing globally and investors are on the lookout for high yielding assets.”
ETTelecom Roundtables: Vodafone Idea, Nokia executives discuss enterprise opportunity in India<\/a><\/div><\/div>
<\/body>","next_sibling":[{"msid":81341328,"title":"Mail.ru expects 2021 revenue to hit $1.75 billion after COVID catalyst","entity_type":"ARTICLE","link":"\/news\/mail-ru-expects-2021-revenue-to-hit-1-75-billion-after-covid-catalyst\/81341328","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"73273673","title":"India's telecom sector in a rewind; everything from AGR, BSNL revival, 5G, IUC to tariff hikes in 2019","entity_type":"PHOTOGALLERYSLIDESHOWSECTION","seopath":"slide-shows\/indias-telecom-sector-in-a-rewind-everything-from-agr-bsnl-revival-5g-iuc-to-tariff-hikes-in-2019","category_name":"Slide-Shows","synopsis":"ETT brings a slideshow on Indian telecom sector developments in 2019","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-3313303\/73273673.cms?width=150&height=112","link":"\/slide-shows\/indias-telecom-sector-in-a-rewind-everything-from-agr-bsnl-revival-5g-iuc-to-tariff-hikes-in-2019\/73273673"},{"msid":"79166421","title":"ETTelecom Roundtables: Vodafone Idea, Nokia executives discuss enterprise opportunity in India","entity_type":"MEDIAVIDEO","seopath":"videos\/ettelecom-roundtables-vodafone-idea-nokia-executives-discuss-enterprise-opportunity-in-india","category_name":"Videos","synopsis":"ET Telecom discusses enterprise opportunity for telcos in India. Vodafone Idea's director of enterprise biz, Abhijit Kishore, Pierre Tournassoud, CTO Global Enterprise & Public Sector, Nokia, Kapil Mehrotra, Group Chief Technical Officer, NCMSL, Dr. Vijay Choudhary, AVP (IT), Royal Orchid Hotels discuss connectivity challenges, new enterprise use case, cyber security and more","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-608148\/79166421.cms?width=150&height=112","link":"\/videos\/ettelecom-roundtables-vodafone-idea-nokia-executives-discuss-enterprise-opportunity-in-india\/79166421"}],"msid":81341417,"entity_type":"ARTICLE","title":"Fundraising plans of Vodafone Idea hit hurdles","synopsis":"\u201cVi\u2019s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco\u2019s assets in case of a payment default,\u201d a person close to the global consortium told ET.","titleseo":"telecomnews\/fundraising-plans-of-vodafone-idea-hit-hurdles","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}},{"author_name":"Saikat Das","author_link":"\/author\/479193971\/saikat-das","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479193971.cms?width=100&height=100&hid=268","author_additional":{"thumbsize":true,"msid":479193971,"author_name":"Saikat Das","author_seo_name":"saikat-das","designation":"Sr Asst Editor","agency":false}}],"analytics":{"comments":0,"views":4387,"shares":0,"engagementtimems":21935000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2021-03-05 08:32:32","lastupd":"2021-03-05 11:59:59","breadcrumbTags":["Vodafone Idea","Vodafone Idea fundraising","Aditya Birla","Aditya Birla Group","Industry","Varde Partners","Vodafone group","telecom news"],"secinfo":{"seolocation":"telecomnews\/fundraising-plans-of-vodafone-idea-hit-hurdles"}}" data-authors="[" kalyan parbat","saikat das"]" data-category-name="" data-category_id="" data-date="2021-03-05" data-index="article_1">
< / p >">
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
孟买加尔各答|:沃达丰的想法(Vi)大额融资计划遭遇寒流与潜在借款人的主要成员差异后财团如橡树山Varde伙伴在融资条款和支付提供担保的情况下违约,人们意识到说。
虽然谈判双方没有完全失败,英国之间的电信企业沃达丰集团和Aditya Birla集团已经探索其他可能的资金合作伙伴和有信心保证资金到本月底,一位知情人士说。这个人还说,与我们有现金盈余资金,和印度电信业务前景查找数据急剧上涨造成的消费增长,流行后。
组之间的排他性谈判期限的潜在债权人组成的橡树山,太平洋投资管理公司(第六街,双点资本和Varde伙伴和沃达丰(Vodafone)截至2月28日,没有任何协议。GoldenTree最初的财团的成员,已经退出了。
几个未解决的问题
最初的排他性谈判的最后期限是1月31日,这是延长一个月。
沃达丰集团的发言人,橡树山和Varde而Vi和拒绝置评Aditya Birla)集团没有回复直到截稿时间等查询。
在金融界和来源行业高管表示,六世的潜在的外资银行已表示担忧的电信未来的能力以满足即将到来的支付义务,包括调整后总收入(AGR)会费和频谱负债,特别是公司的收入在很大程度上仍然停滞不前,持续的客户损失。
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
Vi股价收低1.43%周四在Rs 11疯牛病。
在过去的几个月里,Vi与橡树Hill-led财团敲定的条款15000卢比(约)20亿美元的信贷额度通过混合可转融资工具,包括债券和认股权证。信用额度,用于扩大运营商的4 g网络,是整体的一部分25000卢比,Vi计划提高通过混合债券和股票。
但运营商一直在努力扭转其金融和一直无法阻止客户流失。在去年第四季度,电信的季度营收增长不到1%,相比之下,Airtel的近7%,Jio增长6%。每用户平均收入在12月结束Rs121,滞后Airtel的Rs 166和Jio Rs 151。
高盛(Goldman Sachs)的一份报告中表示,电信“流动性提供非常有限”。公司有现金200卢比在12月结束。其预计Ebitda Rs1,800卢比在第一季度需要支付500卢比作为银行利息和700卢比作为光谱前期付款购买刚刚结束拍卖。
尽管参与最近的电视销售有限,Vi的年度频谱向政府支付义务将在14100卢比FY23开始,三大电信公司中最高的,据高盛(Goldman Sachs)。
除此之外,Vi需要资金也开始清算其政府50400卢比费根据调整后的总收益(AGR) 10年分期。
“任何印度电信,尤其是痛苦,意识到需要令人信服地证明其能力转变策略和现金流预测获得和维持海外投资者信心…这是一个艰巨的任务,但可行的,“赫曼特Mishr说,首席投资官特殊情况固定收益、新加坡的基金。
他补充说,从积极的一面来看,鉴于全球央行的流动性的立场,有“丰富的全球流动性和投资者在寻找高收益资产。”
“Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default,” a person close to the global consortium told ET.<\/span><\/figcaption><\/figure>Kolkata | Mumbai: Vodafone Idea<\/a>’s (Vi) big-ticket fundraising plans have hit an air pocket following differences with key members of the prospective lenders’ consortium such as Oak Hill and Varde Partners<\/a> over funding terms and furnishing of guarantees in case of payment defaults, people aware of the matter said.
While talks between the two sides have not fallen through completely, the telecom JV between UK’s Vodafone Group<\/a> and Aditya Birla Group<\/a> is already exploring other potential funding partners and is confident of securing funding by the end of this month, one of the people said. The person added that there is surplus cash with US funds, and the Indian telecom business outlook is looking up amid surging data consumption growth, post-pandemic.
The exclusivity period for talks between the group of potential lenders consisting of Oak Hill, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners and Vodafone Idea ended February 28, without any deal. Of the original members of the consortium, GoldenTree has already exited.
Several unresolved issues
<\/strong>
The original deadline for exclusive talks was January 31, which was extended by a month.
Spokespersons for the Vodafone Group, Oak Hill and Varde declined to comment while Vi and the Aditya Birla<\/a> Group did not reply to ET queries till press time.
Sources in financial circles and top industry<\/a> executives said Vi’s potential foreign lenders have voiced apprehensions about the cash-strapped telco’s future ability to meet upcoming payment obligations, including adjusted gross revenue (AGR) dues and spectrum liabilities, especially as the company’s revenue has largely remained stagnant and customer losses have continued.
“Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default,” a person close to the global consortium told ET.
Vi shares closed 1.43% lower at Rs 11 on BSE on Thursday.
Over the past few months, Vi has been in talks with the Oak Hill-led consortium to finalise the terms of a $2 billion (Rs 15,000 crore approx) credit line via hybrid convertible funding instruments, comprising bonds and warrants. The credit line, which was to be used to expand the carrier’s 4G network, was meant to be a part of the overall Rs 25,000 crore that Vi plans to raise via a mix of debt and equity.
But the operator has been struggling to turn around its financials and has been unable to stop customer losses. In the October-December quarter, the telco’s revenue rose less than 1% on quarter, compared with Airtel’s nearly 7% and Jio’s 6% growth. Its average revenue per user at December end was at Rs121, lagging Airtel’s Rs 166 and Jio’s Rs 151.
Read also<\/h4>
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- Telecom乐动扑克News
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融资计划沃达丰的思想障碍
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
读到
< / p >">
虽然谈判双方没有完全失败,英国之间的电信企业沃达丰集团和Aditya Birla集团已经探索其他可能的资金合作伙伴和有信心保证资金到本月底,一位知情人士说。这个人还说,与我们有现金盈余资金,和印度电信业务前景查找数据急剧上涨造成的消费增长,流行后。
组之间的排他性谈判期限的潜在债权人组成的橡树山,太平洋投资管理公司(第六街,双点资本和Varde伙伴和沃达丰(Vodafone)截至2月28日,没有任何协议。GoldenTree最初的财团的成员,已经退出了。
几个未解决的问题
最初的排他性谈判的最后期限是1月31日,这是延长一个月。
沃达丰集团的发言人,橡树山和Varde而Vi和拒绝置评Aditya Birla)集团没有回复直到截稿时间等查询。
在金融界和来源行业高管表示,六世的潜在的外资银行已表示担忧的电信未来的能力以满足即将到来的支付义务,包括调整后总收入(AGR)会费和频谱负债,特别是公司的收入在很大程度上仍然停滞不前,持续的客户损失。
“六世与橡树山财团没有导致约束力的协议如有未解决的问题在资金方面,担保和声称的苦苦挣扎的电信资产支付违约的情况下,”一位接近全球财团告诉等。
Vi股价收低1.43%周四在Rs 11疯牛病。
在过去的几个月里,Vi与橡树Hill-led财团敲定的条款15000卢比(约)20亿美元的信贷额度通过混合可转融资工具,包括债券和认股权证。信用额度,用于扩大运营商的4 g网络,是整体的一部分25000卢比,Vi计划提高通过混合债券和股票。
但运营商一直在努力扭转其金融和一直无法阻止客户流失。在去年第四季度,电信的季度营收增长不到1%,相比之下,Airtel的近7%,Jio增长6%。每用户平均收入在12月结束Rs121,滞后Airtel的Rs 166和Jio Rs 151。
高盛(Goldman Sachs)的一份报告中表示,电信“流动性提供非常有限”。公司有现金200卢比在12月结束。其预计Ebitda Rs1,800卢比在第一季度需要支付500卢比作为银行利息和700卢比作为光谱前期付款购买刚刚结束拍卖。
尽管参与最近的电视销售有限,Vi的年度频谱向政府支付义务将在14100卢比FY23开始,三大电信公司中最高的,据高盛(Goldman Sachs)。
除此之外,Vi需要资金也开始清算其政府50400卢比费根据调整后的总收益(AGR) 10年分期。
“任何印度电信,尤其是痛苦,意识到需要令人信服地证明其能力转变策略和现金流预测获得和维持海外投资者信心…这是一个艰巨的任务,但可行的,“赫曼特Mishr说,首席投资官特殊情况固定收益、新加坡的基金。
他补充说,从积极的一面来看,鉴于全球央行的流动性的立场,有“丰富的全球流动性和投资者在寻找高收益资产。”
While talks between the two sides have not fallen through completely, the telecom JV between UK’s Vodafone Group<\/a> and Aditya Birla Group<\/a> is already exploring other potential funding partners and is confident of securing funding by the end of this month, one of the people said. The person added that there is surplus cash with US funds, and the Indian telecom business outlook is looking up amid surging data consumption growth, post-pandemic.
The exclusivity period for talks between the group of potential lenders consisting of Oak Hill, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners and Vodafone Idea ended February 28, without any deal. Of the original members of the consortium, GoldenTree has already exited.
Several unresolved issues
<\/strong>
The original deadline for exclusive talks was January 31, which was extended by a month.
Spokespersons for the Vodafone Group, Oak Hill and Varde declined to comment while Vi and the Aditya Birla<\/a> Group did not reply to ET queries till press time.
Sources in financial circles and top industry<\/a> executives said Vi’s potential foreign lenders have voiced apprehensions about the cash-strapped telco’s future ability to meet upcoming payment obligations, including adjusted gross revenue (AGR) dues and spectrum liabilities, especially as the company’s revenue has largely remained stagnant and customer losses have continued.
“Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default,” a person close to the global consortium told ET.
Vi shares closed 1.43% lower at Rs 11 on BSE on Thursday.
Over the past few months, Vi has been in talks with the Oak Hill-led consortium to finalise the terms of a $2 billion (Rs 15,000 crore approx) credit line via hybrid convertible funding instruments, comprising bonds and warrants. The credit line, which was to be used to expand the carrier’s 4G network, was meant to be a part of the overall Rs 25,000 crore that Vi plans to raise via a mix of debt and equity.
But the operator has been struggling to turn around its financials and has been unable to stop customer losses. In the October-December quarter, the telco’s revenue rose less than 1% on quarter, compared with Airtel’s nearly 7% and Jio’s 6% growth. Its average revenue per user at December end was at Rs121, lagging Airtel’s Rs 166 and Jio’s Rs 151.
Read also<\/h4><\/a><\/figure>Vodafone Idea to use funds from capital raise to boost 4G coverage in 16 circles to stem user losses<\/a><\/h5><\/div><\/a><\/figure>GoldenTree exits Vodafone Idea lenders’ consortium<\/a><\/h5><\/div><\/div><\/div>
Goldman Sachs said in a report that the telco “has very limited liquidity available”. The company had cash of Rs 200 crore at December end. Its Ebitda is expected at Rs1,800 crore in the March quarter when it needs to pay some Rs 500 crore as bank interest and Rs 700 crore as upfront payment for the spectrum it bought in the just ended auctions.
Despite limited participation in the recent airwave sale, Vi’s annual spectrum payment obligation to the government will be at Rs 14,100 crore starting FY23, the highest among the Big 3 telcos, according to Goldman Sachs.
Besides this, Vi needs funds to also start clearing its Rs 50,400 crore dues to the government based on adjusted gross revenue (AGR) in 10 annual instalments.
\"Any Indian telco, particularly in distress, needs to credibly demonstrate its ability to realise its turnaround strategy and cash flow projections to earn and sustain overseas investor confidence…it’s an uphill task, but doable,” said Hemant Mishr, chief investment officer at Scube Fixed Income, a Singapore-based fund.
He added that on the positive side, given the liquidity stance of global central banks, there is “abundant liquidity sloshing globally and investors are on the lookout for high yielding assets.”
<\/a><\/figure>Vodafone Idea to use funds from capital raise to boost 4G coverage in 16 circles to stem user losses<\/a><\/h5><\/div><\/a><\/figure>GoldenTree exits Vodafone Idea lenders’ consortium<\/a><\/h5><\/div><\/div><\/div>
Goldman Sachs said in a report that the telco “has very limited liquidity available”. The company had cash of Rs 200 crore at December end. Its Ebitda is expected at Rs1,800 crore in the March quarter when it needs to pay some Rs 500 crore as bank interest and Rs 700 crore as upfront payment for the spectrum it bought in the just ended auctions.
Despite limited participation in the recent airwave sale, Vi’s annual spectrum payment obligation to the government will be at Rs 14,100 crore starting FY23, the highest among the Big 3 telcos, according to Goldman Sachs.
Besides this, Vi needs funds to also start clearing its Rs 50,400 crore dues to the government based on adjusted gross revenue (AGR) in 10 annual instalments.
\"Any Indian telco, particularly in distress, needs to credibly demonstrate its ability to realise its turnaround strategy and cash flow projections to earn and sustain overseas investor confidence…it’s an uphill task, but doable,” said Hemant Mishr, chief investment officer at Scube Fixed Income, a Singapore-based fund.
He added that on the positive side, given the liquidity stance of global central banks, there is “abundant liquidity sloshing globally and investors are on the lookout for high yielding assets.”
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