Tikehau IM and Macquarie Lending support the expansion of the Itas TIM Group
Paris, 8 July 2014
Tikehau IM and Macquarie Lending have provided a unitranche loan facility to finance the growth of the Itas TIM Group, the fast growing 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% 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, impressed by the business model and strategy of Itas TIM, 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 €255m, subject to certain conditions.
The financing agreement is the latest example of the success of the partnership between Tikehau IM and Macquarie Lending that was announced in July 2012. This created a reliable, rapid and tailor-made financing solution for French midmarket companies.
Oddo Corporate Finance was appointed as financial advisor and Weil Gotshal & Manges as legal advisor to Itas TIM.
Latham & Watkins was appointed as legal advisor to Tikehau IM and Macquarie.
* Number of broadcasting towers in France, according to ARCEP definition
About Itas TIM
Founded in 2008, Itas TIM is a French « TowerCo » which currently possesses over 380 stations in France. Itas TIM mainly offers Digital Terrestrial Television (“DTT”) and radio broadcasting service. Itas TIM also offers its stations to equipment of other DTT/Radio operators and provides installation service to all operators.
About Tikehau Group: www.tikehauim.com
About Tikehau Group: tikehaucapital.com
The Tikehau Group was founded in 2004 to invest and manage long-term capital for institutional and private investors in various asset classes (credit, listed and private equity, real estate). In 2007, the Tikehau Group launched Tikehau IM, an investment company specialising at first in fixed income products that has become in just a few years one of the leaders on its market. The Tikehau Group is majority held by its managers, alongside top-tier institutional partners, such as Crédit Mutuel Arkéa, Unicredit and Amundi. The Tikehau Group manages over €4 billion in investments and has €500 million in shareholders’ equity.
About Macquarie: www.macquarie.co.uk
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie operates in more than 65 office locations in 28 countries and employs more than 13,900 people. Assets under management total approximately €287 billion at March 31, 2014.
Part of the Group’s Corporate and Asset Finance business, Macquarie Lending is the principal finance and investing arm of Macquarie Bank focused on corporate and commercial real estate clients. As a leading primary lender and acquirer of secondary loans across Europe, North America and Australasia, Macquarie Lending has funded more than €6.6 billion in new loan commitments in Europe since 2009.
Recognising that every client is different, Macquarie Lending's expertise goes beyond traditional financing to adapt solutions to meet individual client needs. With offices in New York, Chicago, London and Sydney, Macquarie Lending has more than 80 experienced lending and investing professionals globally.