TV3 IbrC Loan Bought by Doughty Hanson
Equity firm Doughty Hanson has bought TV3 outstanding debt from Irish Bank Resolution Corporation (IBRC). Doughty Hanson are major investors in TV3's parent company Tullamore Beta. The Debt was part of the IRBC's special liquidation. The majority of Doughty Hanson's bid was financed by BlueBay Ireland.
TV3's debt was part of the sale of IBRC's assets by KPMG in an open auction process. According to TV3 the new lending facilities are long term and at commercial rates.
Ulster bank is to provide banking services to TV3, providing a full range of working capital and banking facilities required by TV3.
Commenting today, David McRedmond CEO TV3 said:
“The sale of TV3’s debt to Doughty Hanson ends an uncertain period for the company following the State’s liquidation of IBRC. 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.”
Christopher Fielding, Partner, Doughty Hanson said:
“This refinancing demonstrates Doughty Hanson’s ongoing commitment to TV3, its staff and the Irish broadcast market. TV3 now has an appropriate and sustainable capital structure.”