Private equity firm CVC Asia Pacific is seeking to secure $2.6 billion in refinancing in senior debt of its network Nine Entertainment TV, Reuters reports. The company will also meet banks for the extension on refinancing in debt, due February 2013.
An extension on the deadline will provide CVC with time to work out how to restructure the debt, and also allow for stronger growth in advertising revenue in the Australian television business. Among the banks to Nine are Australian sovereign wealth fund Future Fund and hedge funds Oaktree Capital Management and Och-Ziff Capital Management Group.
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