Royal Mail faces surging debt bill after ‘Czech Sphinx' takeover [Yahoo! Finance]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: Yahoo! Finance
The £3.6bn offer from Mr Kretinsky – known as the “Czech sphinx” – for Royal Mail's parent company International Distribution Services (IDS) risks trebling its borrowing costs as a result of the billions of pounds being taken on to finance the deal, calculations show. The revelation will fuel concerns that Royal Mail's modernisation and investment plans will be jeopardised by its ballooning debt burden , and that its service obligations could be affected as well. The deal will result in close to £2.9bn of fresh loans being loaded on to IDS's balance sheet, which is already weighed down by more than £2bn of existing debt. Sources close to Kretinsky's EP Group have indicated that it expects the finance package that has been clinched with four large investment banks to come with an average borrowing rate of just under 6pc a year. That would leave the UK company grappling with as much as £170m of additional interest payments, on top of nearly £100m that it accumulated last year.
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