Eircom investors back plan to remove debt and equity staple

Group says amendment will allow the two to be traded separately

Directors confer after the main part of the Eircom annual general meeting in the RDS in Dublin. Photograph: Frank Miller/The Irish Times

Thu Mar 13 2014 - 18:12

Eircom investors have voted in favour of proposed amendments to the group's senior loan facilities agreement.

The changes, which were requested by the group in February 2014, will allow the debt and equity to be traded separately, removing the staple that is currently in place that was due to expire in June.

"Our investors have spoken collectively and unanimously by supporting this initiative," said Richard Moat, Eircom's CFO. "This reflects the strong progress made by the group and it underlines the shared goals of the board, management and investors to secure a sustainable and flexible capital structure for Eircom."