10.41 Europe/London, July 15, 2011 By Chris Dziadul

Spain’s leading cable operator ONO has completed a €300 million bond issue, the proceeds of which will be used to repay its bank debts in advanced and thereby improve the company’s capital structure.

According to ONO, the issue is in addition and similar to one it held in 2010. It was worth €700 million, with the bonds maturing in 2018.

In this instance, the transaction, initially oversubscribed twice over, was supported by over 70 investors.

First quarter results published by ONO back in May point to it having started to turn the financial corner, posting an EBITDA-operating profit of €179 million, or 1.9% than in the same period in 2010.

Its net profit amounted to €9 million in the first quarter.