US$330m debt refinancing

RNS Number:5695C
Billing Services Group Limited
08 May 2006


For Immediate Release                                                08 May 06


                         Billing Services Group Limited

                     ("BSG", the "Group" or the "Company")

                        US$330 million debt refinancing



Billing Services Group Limited, one of the world's leading providers of
clearing, settlement, payment and financial risk management solutions to the
telecommunications industry, has completed its previously announced debt
refinancing with a new $330 million multi-currency credit facility. The credit
facility was increased in size due to substantial oversubscription by
institutional investors. Deutsche Bank acted as sole lead arranger, sole book
runner and administrative agent.


Patrick J. Haynes III, Chairman, said, "The refinancing accomplishes some
pivotal objectives. It enhances the Group's capital; it lowers interest costs;
and it gives the Group greater flexibility in managing its worldwide business.
It is a testament to our strong market proposition that we have been able to
complete the refinancing quickly and with such robust market demand."


In connection with the refinancing, BSG obtained a new credit rating for its
debt. Moody's Investors Service raised the Company's corporate family rating to
B1 from B2, and assigned a B1/B3 rating to the Company's first-lien and
second-lien facilities, respectively. Both new assigned ratings were raised by
Moody's from the Company's previous ratings of B2/Caa1 covering the Group's
previous first-lien and second-lien borrowings, respectively. Standard & Poor's
assigned a B+ corporate credit rating to the Group. Simultaneously, S&P assigned
a B+/B- rating to the Company's first-lien and second-lien facilities,
respectively, reaffirming its prior rating of the Company's facilities.
According to Haynes, "The debt ratings reflect a thorough review of our business
model, customer base and geographic diversity." He added that improved credit
ratings on the debt coupled with significant oversubscriptions will result in
substantial interest expense reductions.


The new credit facility consists of $215 million of first-lien senior term
loans, $40 million of second-lien term loans, a $15 million revolving credit
facility and a $60 million term loan facility reserved for future acquisitions
(this facility was uncommitted at closing). Loans are denominated in both U.S.
Dollars and Euros. The Group borrowed $255 million at closing to repay all
existing debt, to pay fees and expenses associated with the refinancing and to
supplement working capital.


Inquiries


Trudie Parsons
Blanc & Otus Public Relations - UK trade media relations
[phone]
[e-mail]


Erin Brennan
Blanc & Otus Public Relations - US media relations
[phone]
[e-mail]


Bobby Morse
Buchanan Communications - UK financial media and investor relations
[phone]
[e-mail]


Notes to editors


About


Billing Services Group Limited (www.bsgclearing.com) is a leading global
provider of clearing, settlement, payment and financial risk management
solutions for communications service providers. Listed on the London Stock
Exchange (AIM:BILL), the company has to date made two acquisitions - EDS
Interoperator Services GmbH (August 2005) and United Clearing Plc (March 2006).


Through its operating business units, the Group processes over 20 billion
transactions annually for 630 of the world's largest communications companies
throughout North America, Europe and Asia.


Recent developments include:


*       renewal of agreement with Cincinnati Bell for GSM international
roaming financial clearing and settlement services;

*       the availability of BSG's Roaming Information Service in Europe and
Asia; and

*       the joint marketing and distribution with BT of its Onepay(TM) services
in the United Kingdom.


With a ubiquitous, scalable platform and an extensive portfolio of clearinghouse
services for wireless, fixed-line, WLAN, content and next-generation networks,
BSG monetizes network transactions by facilitating financial settlements.
Positioned at the center of network commerce, BSG has the ability to process
accurately and manage billions of financial transactions with the highest
standards of security, reliability and trust, all in real time.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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