Reuters 23 July 2013
Private equity-backed Taiwan cable television operator China Network Systems Co (CNS) is raising a loan of NT$40 billion ($1.34 billion) to restructure its debt ahead of a proposed Singapore IPO, Basis Point reported on Tuesday, citing sources.
Citigroup has fully underwritten the new loan to refinance a similar sized deal completed in 2012 and is putting together a bank group for the financing, reported Basis Point, a Thomson Reuters publication.
DBS Bank and Standard Chartered Bank have joined with underwriting commitments, the report said.
MBK Partners, which owns a majority stake in CNS, has hired banks for a business trust IPO worth about $1 billion after Taiwan’s regulators blocked its sale of the company, Reuters reported last week.