Nomura International, a consultant to the tender for the sale of shares, loans and convertible bonds held by Piraeus Bank, NBG and Alpha Bank of Forthnet and its subsidiaries, is proceeding with the evaluation of the binding bids submitted in the international tender.
The three bids submitted within the deadline were by Duet Private Equity Limited, by BC Partners (through its subsidiary Telecommunications Company United Group) and by the Antenna Group.
The three offers are similar; however there are differences in quality data evaluated by the tender consultant and the banks. The differences include the financial model of each bid and the issue of the so-called interim period, i.e. the time required from the signing of the SPA to the approval of the transaction by the competent supervisory authorities, including the Competition Commission.
After clarifying the issues identified in the submitted bids, the intention of the consultant and the banks is to give exclusivity to one of the prospective investors, with whom the tender will proceed aiming at the signing of the purchase agreement (SPA).
The three banks consider the bids to be satisfactory, as they provide for a smaller “haircut” of claims, compared to what the cancelled agreement with Alter Ego provided, despite the mediation of the pandemic and the sharp deterioration of economic conditions and climate.
The evaluation of the offers is expected to be completed within the next week, in order to select the preferred investor.
The offer of BC Partners provides a slightly lower “haircut” of receivables than what the banks had agreed with Alter Ego, while all other loans are repaid in cash. BC Partners’ intention to cover intermediate funding is said to be the strongest “weapon” of its offer, compared to its competitors.
Duet’s offer does not guarantee a corresponding intermediate financing guarantee, but it does assess the banks’ requirements at levels similar to those of BC Partners. Duet is said to be willing to pay less cash, but it covers the difference, offering a lower “haircut” of requirements.
Debt transfer is also projected by the Antenna Group, which also estimates bank claims of more than €40 million. Antenna proposes to the banks the immediate prepayment of part of their claims that are not “cut”.
The fact that three binding bids have been filed in the middle of a pandemic, one of which comes from a first-time investor (BC Partners) shows Forthnet’s significant position in the domestic market.
Original Source: Euro2day.gr
Adaptation/Summary: Kiki Athanasiadis