UK market-leader Everything Everywhere has secured bank financing to the tune of £875 million in order to pay back the bulk of its debt currently held by its parent groups, Deutsche Telekom and France Telecom.

The financing comprises a term loan and a multicurrency revolving credit facility with maturities of between 3 and 5 years. The facility is provided by a group of banks comprising the Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, HSBC, JP Morgan, Lloyds Bank, Morgan Stanley and RBS. 

Deutsche Telekom and France Telecom each hold 50 percent of Everything Everywhere following last year’s merger of their respective UK networks, T-Mobile UK and Orange UK, and also provided £1.25 billion in loans on the JV’s formation. While the bulk of those parent loans will now be repaid, the firm said in a statement that Deutsche Telekom and France Telecom shareholdings in the operator will remain unchanged. 

“We are pleased to receive the support of the high quality lenders who are participating in our new bank financing facilities, recognising the strength of Everything Everywhere as the largest mobile network operator in the UK,” said Everything Everywhere CFO Neal Milsom.