Tech

Eir increases debt facility by €200m as it warns of lower earnings

Telecommunications giant to use financing to pay off a bond early as it reports growth in both broadband and mobile subscribers

The news comes as Eir, which is led by Oliver Loomes and has two million customers in Ireland, forecast a single-digit percentage decrease in earnings

Eir has taken advantage of a more stable interest rate environment to increase its debt facility by €200 million. It had originally sought €150 million but the round was oversubscribed leading the telco to take the higher sum.

The company said it intends to use the new financing, along with cash reserves, to pay down early a bond that is maturing later this year.

“This will be a leverage-neutral transaction. It reflects Eir’s robust and ...