The board of directors of Spanish cable operator ONO has approved providing funds worth €200 million from shareholders through a shareholder loan as part of a refinancing plan for the company.
ONO will have immediate access to €125 million to boost its business plans. The remaining €75 million will be reserved and disbursed only in terms of the liquidity needs of the operator. The formalisation of this contribution by the shareholders will provide a definite boost to the closure of the refinancing plan, which in turn will guarantee the financial stability of ONO for the coming years. In the medium term, the company could find different ways of generating financial resources, such as a bond issue, capital increase or an eventual IPO.
Rosalia Portela, CEO of ONO, said in a statement: “With this commitment by the Council, strengthening the stability of the company, its growth capacity and putting a solid foundation will allow for new investments in the deployment of its fibre network optics, focusing on launching new products, developing our cellular business and further strengthening our relationship with customers. “
