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Flow announces US$1.25bn refinancing plan
Flow, the name under which Columbus Communications operates its telephone, internet and cable TV business in the Caribbean, has announced a US$1.25 billion refinancing plan, credit rating agency Moody’s reported in its March 19 ratings review of the Barbados-incorporated company.
Flow will borrow the US$1.25 billion in a fresh bond sale to refinance an existing bond issue, pay for the acquisition of a Colombian company, and pay the owner(s) US$100 million in dividends, according to the Moody’s report.
Flow is owned and managed out of The Bahamas by its founder, Canadian businessman Brendan Paddick.
Simultaneously, the company informed its subscribers of a cost-cutting measure to introduce paperless electronic billing in T&T, starting April 1, 2014. However, Flow would not explicitly confirm that the measure, already introduced in Jamaica since last year, is part of that plan.
Flow advised its subscribers of the change in a February 21 letter signed by Brian Collins, the company’s managing director for the Southern Caribbean. “As we seek to improve your experience with our service, Flow wishes to advise that as part of our overall business strategy to promote environmentally friendly bill delivery options, we will be moving to paperless electronic billing for all existing and new broadband customers,” the letter said.