P4 to use IPO proceeds to pay its debt

Mobile telecom operator P4 could spend part of the proceeds from the potential IPO to buy back bonds from its owner Impera Holdings, the company said in a statement to the Luxembourg Stock Exchange. “Part of the proceeds of any initial public offering may be used to redeem the Impera Holdings senior PIK toggle notes due 2022 in full at par, plus any applicable premium and accrued and unpaid interest, if any, to the redemption date,” the statement also said. P4, which owns Play has tried to sell the operator a number of times, whether through direct sale or IPO. Until now, the company has been mostly financed through bonds issues, and recently conducted a major refinancing of high yielding FX debt.