Regions

China Network Systems Co. revealed that the cable TV operator is pushing through with a debt financing plan worth around TWD40 billion. Sources have said that the capital raised will be used to restructure its debt and capital structure. The announcement was made ahead of a proposed Singapore initial public share offering.  

China Network Systems Co. is private equity-backed Taiwanese cable television operator. MBK Partners owns a majority stake in China Network Systems.

Citigroup supported China Network Systems Co. by fully underwritting the new financial loan and is reportedly putting up a bank group for the intended financing, said a Thomson Reuters publication. Citibank previously assisted the firm in a like-sized deal in 2012. Two other banks, DBS Bank and Standard Chartered Bank, have signed up to help with the underwriting commitments, the report stated.

MBK Partners had hired financial institutions for a business trust market debut worth around US$1 billion after Taiwan's regulators hindered MBK Partners' sale of the China Network Systems.