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MBK-backed CNS looks to restructure debt ahead of IPO

23 Jul 2013

loan_lrgMBK Partners-backed cable TV business China Network Systems is raising a NT$40bn ($1.34bn) loan ahead of a potential Singapore IPO, it is understood.

Taiwan-based CNS has hired Citigroup to underwrite the debt restructuring according to Basis Point, which cited sources familiar with the matter.

Citigroup is putting together a bank group for the financing, it added.

It emerged MBK was considering a public listing for CNS earlier this week following a failed sale this year.

Its proposed $2.4bn sale of the business to Taiwan’s richest man, Want Want China chairman Tsai Eng Meng, was blocked by regulators after they decided he had not fulfilled conditions for approval.

CNS has more than 1.2 million subscribers in Taiwan, giving it a 20 per cent market share.

MBK, which was launched by five former Carlyle executives in 2005 agreed to buy a 60 per cent stake in CNS for NT$30.9bn ($1bn) a year later.

The firm is reportedly nearing the $2.6bn hard cap for its biggest-ever buyout fund thanks to massive oversubscription.

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