TV3’s corporate debt acquired by long term investor Doughty Hanson

The corporate debt of TV3’s parent, Tullamore Beta, was included in the sale of IBRC’s assets by the special liquidators KPMG. In the Evergreen tranche, the debt was sold through an open auction process.

The bid by Doughty Hanson was majority financed by BlueBay Ireland Corporate Credit I Limited.

TV3 said the new lending facilities are long term and at commercial rates.

As part of the re-financing package the company said it has also entered into new banking arrangements with Ulster Bank, providing the full range of working capital and banking facilities required by the company.

“The sale of TV3’s debt to Doughty Hanson ends an uncertain period for the company following the State’s liquidation of IBRC,” said TV3 CEO David McRedmond.

“I am delighted that we now have long term financing so we can focus on our growth strategy as Ireland’s most successful commercial broadcaster. Doughty Hanson’s continuing support and financing of TV3 has been vital to our survival through the recession and is a great vote of confidence in the company. I want to acknowledge the effort of TV3’s 260 employees through this difficult period who can look forward now to a successful future.”

“This refinancing demonstrates Doughty Hanson’s ongoing commitment to TV3, its staff and the Irish broadcast market,” said Christopher Fielding, partner, Doughty Hanson. “TV3 now has an appropriate and sustainable capital structure. In spite of the global financial crisis and an uneven playing-field in broadcasting David McRedmond and his management team have transformed TV3 from a single television channel operator into a multi-channel digital media group, growing EBITDA each year since 2009.”