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KPN announces Eurobonds
Den Haag, 28-1-09
KPN announces its intention to issue a dual tranche benchmark Eurobond under its Global Medium Term Note programme. The proceeds of these bonds will be used to refinance debt and for general corporate purposes.
In the interest of maintaining flexibility to invest in and grow KPN's business and to maximize returns to shareholders whilst protecting the interest of bondholders, KPN targets an optimum capital structure as set out in its financial framework which involves a net debt to EBITDA ratio within the range of 2 to 2.5 times. Furthermore, KPN intends to maintain a minimum credit rating of Baa2 (Moody's) and BBB (S&P).
KPN’s net debt amounted to EUR 10.9 bn whilst the net debt to EBITDA ratio stood at 2.2 by the end of Q4 2008. KPN has a credit rating of BBB+ with a stable outlook by S&P and Baa2 with a stable outlook by Moody's.
Deutsche Bank, Fortis Bank Nederland, ING and J.P. Morgan have been appointed to act as joint book runners for this transaction.
For any further information please check our website: www.kpn.com/bond.htm
