Tikehau IM and Macquarie Lending support Itas TIM expansion
Tikehau Investment Management and Macquarie Lending have provided a unitranche loan facility to finance the growth of the Itas TIM Group, the television towers broadcasting company based in France.
Within the last five years, under the leadership of its founder and CEO Gilles Bastard, the company has replicated 380 out of the 1,525 secondary broadcasting towers network and has become a core player in broadcasting, capturing 10 per cent market share (by number of services).
In light of this achievement, Itas TIM is accelerating its focus on replicating the 112 primary broadcasting towers network and on expanding into the radio broadcasting market.
Tikehau IM and Macquarie Lending have arranged a unitranche facility to support the company’s growth. The facility will allow the company to refinance its existing debt and significantly accelerate its primary network investment expansion.
The initial tranche could be increased by a substantial amount, allowing Itas TIM to explore acquisition opportunities in order to consolidate its position in the French market. In total the facilities could reach up to EUR255m, subject to certain conditions.
The financing agreement is the latest example of the partnership between Tikehau IM and Macquarie Lending that was announced in July 2012.
Oddo Corporate Finance was appointed as financial advisor and Weil Gotshal & Manges as legal advisor to Itas TIM.
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