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Latest Satellite News Discussion, New Sky raises $600m. Why? at General Satellite News forum; Sky raises $600m. Why? BSkyB is issuing a $600m (400m) ten-year bond, at the fairly expensive rate of 9.53%, in ...

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New Sky raises $600m. Why? - 19-November-2008, 12:00

Sky raises $600m. Why?

BSkyB is issuing a $600m (400m) ten-year bond, at the fairly expensive rate of 9.53%, in order to fund general corporate purposes. The bond offering will wrap this time next week.

Sky is widely expected to use the cash to help fund a further move into the broadband telephony space. Two potential acquisitions are being highlighted. First, is a possible acquisition of broadband service provider Tiscali. Second, is picking up Carphone Warehouses virtual telco operation Talk Talk.

Skys statement says: The company may use the net proceeds of the offering for the refinancing of existing debt and for acquisitions of business and/or assets in support of its strategy."
   
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