TPG Telecom To Raise $300m


	The proceeds will be used to pay down debt associated with the iiNet acquisition. In July, iiNet shareholders approved a $1.56 billion takeover offer from TPG Telecom in a move that created Australia’s second-biggest provider of fixed-line internet services. TPG now has 1.7 million broadband subscribers, placing it behind Telstra’s 3 million accounts and ahead of Optus’s 1.03 million users, with M2 Group in fourth spot. For the year ended July 31, TPG had total liabilities of $650.6 million, but this does not include the impact of the iiNet deal. In mid-October, Macquarie estimated TPG’s long term debt in FY16 would be $1.58 billion. David Teoh owns 35.69 percent of the TPG action; Washington H. Soul Pattinson holds 26.2 percent; and TSH Holdings is sitting on 12.44 percent.