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April 13, 2010

Cable operator Ono secures deal with banks

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by Rapid TV News

Website: Rapid TV News

Spain’s main cable operator Ono, which earlier in the week sold its thematic channels division Teuve to Chello Multicanal, has reached an agreement with a group of banks to refinance a €3,500 million loan.

The agreement means repayment of a large part of the debt is put off until to 2013, although new conditions include an increase of 125 basis points in the margin of committed payments and the establishment of new financial covenants.

Most of the participants, representing more than 80% of the loan, showed interest in the refinancing.

The plan was proposed by the company on Jan 13.

The operator also announced all of its reference shareholders have taken part in the allocation of €200 million to the company, a clear message of commitment to the future of the operator, said Ono.

Among those shareholders participating in the funds injection are Bregal, Caisse de Dépôt et Placement du Québec, Caja España, Banco Santander, Multitel or Northwestern.

In the next few days the signing of the agreement will be made.

José María Castellano, Ono’s president, said the success of the refinancing plan shows the support of the financial markets and also their confidence in the company’s business model.

“At the same time the resources given by the shareholders mean a fundamental effort for our future plans based in pushing our service quality giving to our clients,” Castellano said.

Goldman Sachs acted as a financial adviser for Ono in the refinancing operation.

Story link: Cable operator Ono secures deal with banks

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