Funds and accounts managed by KKR’s credit business agreed to provide a £75 million ($93.54 million) non-recourse financing facility to TalkTalk, a connectivity provider in the UK.
The facility, which is collateralized by certain accounts receivables originated by TalkTalk and its subsidiaries, replaces a prior £75 million ($93.54 million) financing facility, which matures this month. The new facility will give TalkTalk access to additional liquidity for a term of approximately three years.
“We are pleased to use our experience in receivable financing globally to support TalkTalk with capital that will help the company continue to grow and connect consumers and businesses across the United Kingdom,” Giacomo Picco, a managing director at KKR, said.
Demica served as advisor to TalkTalk and will act as the reporting and calculation agent for the program.
