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America Movil to issue bonds exchangeable for KPN shares

2015-05-20 10:51:00| Telecompaper Headlines

(Telecompaper) America Movil announced plans to issue bonds exchangeable into KPN shares. The offering is expected to raise EUR 2.25 billion, with an option to increase this by EUR 250 million. The bonds will have a maturity of five years and are expected to pay a coupon of between zero and 0.5 percent per year. The exchange premium is expected to be 40-45 percent above the reference price of KPN shares. The reference price will be the volume weighted average price of KPN ordinary shares traded in Amsterdam on 20 May. America Movil will have the option to redeem the shares after 2.5 years if KPN's share price increases to a certain level. If redeemed at maturity, the bonds may be settled in cash, the underlying KPN shares or a combination of the two. After the issue, America Movil said it has agreed not to place any further KPN shares for 90 days. The offering appears to be a way to dispose of the KPN shares, as the Mexico-based company said it did not have a specific purpose for the bond proceeds. America Movil built up a stake of over 20 percent in the Dutch operator, but its attempt to acquire the Dutch operator in 2013 failed after it was unable to reach agreement on price and terms with the KPN management.

Tags: issue america shares bonds

KPN CEO says M&A could be OK

2015-05-05 02:00:00| Total Telecom industry news

Talk of a tie-up between KPN and Belgacom resurfaces due to Base sale, but there are still many hurdles to a deal.

Tags: ok ceo kpn

KPN CEO revives talk of Belgacom merger

2015-05-03 10:40:00| Telecompaper Headlines

(Telecompaper) Dutch operator KPN is open to a merger with another European player such as neighbour Belgacom, CEO Eelco Blok told Dutch paper Het Financieele Dagblad. Blok noted that the Dutch and Belgian operators have considered a merger before, for the first time around 15 years ago. However, Belgacom is still majority state-owned, and not all recent unions of Dutch and Belgian companies have proven successful, Blok said. The CEO noted that the synergies are all the more relevant now than five or ten years ago, especially as many services are now platform-based, such as IPTV and cloud services for businesses. While KPN has cleared the way with its recently agreed sale of Belgian mobile operator Base, Blok does not expect a deal with Belgacom to happen any time soon. Belgacom's CEO appointed last year, Dominique Leroy, has been skeptical in the past about mergers, saying there are "too many complications". Blok said he is open to joining another European group. "If I can rationalise it to myself, the customers and employees, I have no problem with it," he said. "We have to be realistic and not just think about today, but also how the company will serve customers 5-10 years from now."

Tags: talk ceo merger kpn

KPN keeps FY guidance as Q1 revenues decline 3.9%

2015-04-30 08:57:00| Telecompaper Headlines

(Telecompaper) KPN reported first quarter results showing revenues down 3.9 percent to EUR 1.92 billion and an adjusted EBITDA up 0.2 percent to EUR 622 million. The net profit reached EUR 15 million from 3 million the year before, while capex went to EUR 357 million, pushing free cash flow to EUR 34 million. The operator attributed the lower revenues to a weaker business market. The higher EBITDA figure came from cost savings. CEO Eelco Blok said the quarter showed a strong operational performance, with Consumer Mobile customer numbers rising on the back of new data bundles. Excluding Base, which will go to Telenet from the second quarter, KPN is guiding for full year 2015 capex of EUR 1.3 billion, with a stable adjusted EBITDA by year end, growing free cash flow and additional cash flow via a potential divident from the operators 20.5 percent stake in Telefonica Deutschland.

Tags: guidance decline revenues q1