Irish Multichannel (IMC), the cable, MMDS and telecommunications company, has signed a seven year €360 million loan facility with a syndicate of international banks led by Bank of Ireland.
The financing was arranged without recourse to shareholders. IMC is currently investing more than €2 million per week, ahead of its launch of broadband services which will include digital TV, high speed Internet and email and interactive TV.
IMC, which is owned jointly by US firm, Liberty Media and Independent News & Media, is set to launch its new broadband services in September.
Meanwhile, telecoms regulator, Ms Etain Doyle, yesterday set out a pricing framework for price regulation for basic cable television services provided by cable and MMDS operators such as IMC or NTL.
The base price of operators will be restricted to movements in the consumer price index, minus annual growth in national productivity.
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