NDS refinances $800m
By Chris Forrester
Encryption and TV technology company NDS has refinanced $800 million of debt. NDS is owned 51 per cent by Permira and 49 per cent by News Corp. Permira bought into NDS back in 2008 in a complex deal that saw Permira pay News Corp (which at the time owned 72 per cent of NDS) $1.5 billion plus a vendor loan note of $300 million to be repaid at a later date. That date is now and reportedly News Corp has received the $300 million, which will go some small way to help finance News Corpís hoped-for purchase of the 39 per cent of BSkyB it does not already own.
NDS has refinanced $800 million debt financing from bankers Goldman Sachs and JP Morgan, which includes a term loan of $250 million and $75 million for working capital.