ONO has successfully closed a refinancing plan that will bring in €3.5 billion to the Spanish cablenet. It follows last January’s backing by a number of financial institutions of plans to open a new credit line for the operator. The deal means that repayment on a significant part of ONO’s debt has now been postponed until 2012.
In a statement, ONO said that all of its key shareholders to participate in a €200 million package that demonstrated their commitment to the operator’s future. The loan comprises an initial €125 million, with the remaining €75 million being subject to future developments in liquidity.
“The success of the refinancing plan demonstrates the support of financial markets and confidence in the business model in which we are working,” said ONO president José María Castellano. “We are very grateful to all financial institutions and our shareholders for the support you have given us in recent years and especially for his important contribution during this process.”
Among the shareholders who have committed to participate in the provision of funds are: Bregal, Caisse de Dépôt et Placement du Québec, Caja España, CCMP, GE Capital, Banco Santander, Multitel, Northwestern, Omega Capital, Ontario Teachers, Providence Equity Partners, Quadrangle, Thomas H Lee, y VAL Telecomunicaciones.
Goldman Sachs acted as the financial advisor for the refinancing.