Digi Romania upsizes bond issue to €600 million following investor demand, Fitch maintains stable outlook

Digi Romania upsizes bond issue to €600 million following investor demand, Fitch maintains stable outlook

• Digi Communications priced a €600M 4.625% bond due 2031, upsized from €500M amid strong demand
• Funds to refinance €400M 2028 notes and strengthen its balance sheet
• Fitch rated the bond ‘BB+(EXP)’, affirmed Digi’s ‘BB’ IDR, Stable Outlook
• Led by Barclays, Citigroup, ING, Santander, Société Générale, UniCredit
• Settlement on Oct 29, 2025, listing on Euronext Dublin

(NEWS) BUCHAREST, Romania, 23-Oct-2025 — /EuropaWire/ — Digi Communications N.V., one of Europe’s leading telecommunications providers listed on the Bucharest Stock Exchange, has taken another strategic step to strengthen its balance sheet and streamline its debt portfolio. Its Romanian subsidiary, Digi Romania S.A., has successfully priced a €600 million offering of 4.625% senior secured notes due 2031, following strong investor demand, according to the Company’s announcement on EuropaWire. The offering, launched on 22 October 2025 and set to settle on 29 October 2025, will be used primarily to redeem €400 million in 3.25% notes due 2028, partially prepay existing 2023 and 2024 senior facilities, reduce short-term secured debt, and fund general corporate purposes and transaction-related costs. The new notes are expected to be listed on Euronext Dublin’s regulated market.

This follows Digi’s earlier announcement on 20 October 2025, when the company launched an initial €500 million bond offering, coupled with a conditional full redemption notice for all outstanding 2028 notes issued in February 2020. That offering was later upsized to €600 million in response to robust investor interest. Both releases were confirmed through the company’s official statements published via EuropaWire. 

Adding analytical context to the transaction, Fitch Ratings assigned the earlier €500 million bond an expected rating of ‘BB+(EXP)’ and affirmed Digi Communications’ Long-Term Issuer Default Rating (IDR) at ‘BB’ with a Stable Outlook (Fitch Ratings, 20 Oct 2025). The rating, which sits below investment grade, reflects a speculative but stable credit profile, indicating that Digi is viewed as financially sound and capable of meeting its obligations under current conditions. Fitch cited the company’s solid cash flow generation, strong market position in Romania and Spain, and disciplined approach to debt management as factors underpinning the rating.

The transaction was jointly coordinated by Barclays Bank Ireland PLC and Citigroup Global Markets Europe AG, with ING Bank N.V., Banco Santander S.A., Société Générale, and UniCredit Bank GmbH serving as joint bookrunners — reflecting strong institutional demand and confidence in Digi’s financial outlook.

Investor and Market Insights

The upsizing of the offering from €500 million to €600 million clearly reflects strong investor demand and confidence in Digi Communications’ financial position. The refinancing is expected to extend the company’s debt maturity profile, reduce short-term refinancing risk, and enhance overall financial flexibility — outcomes that strengthen Digi’s balance sheet in a shifting interest-rate environment.

The 4.625% coupon represents an attractive yield for investors, backed by Digi’s solid cash flow generation and diversified European telecom operations. Combined with Fitch Ratings’ affirmation of the company’s ‘BB’ Long-Term Issuer Default Rating, the successful bond placement underscores Digi’s ability to maintain a disciplined capital structure and sustain market confidence.

Digi Communications’ successful refinancing and stable rating demonstrate prudent financial management and reinforce its reputation as a reliable issuer in the European capital markets. With operations spanning Romania, Spain, Italy, Portugal, and Belgium, the company continues to strengthen its position as one of Europe’s most competitive and fast-growing telecommunications players.