Eircom’s first bonds sale since write-off

Eircom Group plans to sell its first bonds since €1.8 billion of debt was written off last year when senior lenders led by Blackstone Group LP took over the phone company.

It wants to raise €310 million of senior secured notes due in 2020, the company said yesterday. The proceeds will be used to repurchase existing senior facilities, it said.

Eircom’s entire €2.3bn of debt, consisting of a term loan from its lenders, falls due in 2017, according to data compiled by Bloomberg.