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TPG Telecom To Raise $300m

TPG Telecom To Raise $300mThe proceeds will be used to pay down debt associated
with the iiNet acquisition. In July, iiNet shareholders approved a $1.56
billion takeover offer from TPG Telecom in a move that created Australia’s
second-biggest provider of fixed-line internet services.

TPG now has 1.7 million broadband subscribers, placing it behind Telstra’s 3
million accounts and ahead of Optus’s 1.03 million users, with M2 Group in
fourth spot.

For the year ended July 31, TPG had total liabilities of $650.6 million, but
this does not include the impact of the iiNet deal. In mid-October, Macquarie
estimated TPG’s long term debt in FY16 would be $1.58 billion.

David Teoh owns 35.69 percent of the TPG action; Washington H. Soul Pattinson
holds 26.2 percent; and TSH Holdings is sitting on 12.44 percent.