| Project Detail |
Location:
Regional
Project number:
40750
Business sector:
Telecommunications, Media and Technology
Notice type:
Private
English-language PSD published:
02 Dec 2024
Project Description
This PSD relates to a historical Bank project approved some years ago, and does not represent a new approval, or allocation of new funds. Disclosure of this PSD was deferred in accordance with the transparency framework in place at the time, but due to an administrative oversight, was not subsequently disclosed
The Bank made two investments in Bite in 2007 and 2009. The EBRD approved the first commitment of up to EUR 10 million in Bite Co-Investment LP to allow the Company to develop its mobile telephony business in Lithuania and Latvia. Details of a subsequent equity investment of EUR 2.5 million to de-leverage the Company and thereby protect the initial equity investment are set out here.
Project Objectives
The EUR 2.5 million capital call planned at the time of approval of the transaction permitted the Company to improve the Company’s competitive position by decreasing its financial leverage, and position itself to capture upside on new equity investment by purchasing and cancelling its own discounted senior subordinated notes. |
