Ono completes $1,000 million bond issue

Iñaki Ferreras ©RapidTVNews | 04-02-2012

Spain's main cable operator Ono has successfully completed a bond issue of $1,000 million. The proceeds from this operation will be used to repay in advance of its bank debt maturing in 2012 and 2013, which will help to further improve its current capital structure.

Carlos Sagasta, the company's CFO, stressed that "this issue is a critical step in strengthening our capital structure to align with business needs and profile of future cash generation. We are meeting the roadmap to which we committed to the markets, investors and banks, which certainly helped us to issue more than 2,200 million euros in bonds in just over a year. "
The bonds, which have been issued through Nara Cable Funding Limited, have a 8.875% coupon, maturing in 2018 and become part of the existing syndicated loan, thus benefiting from the current safeguards that hold financial institutions.
The bank's transaction co-ordinators were JP Morgan, BNP Paribas, Deutsche Bank, BBVA, BofA, Credit Agricole, Goldman Sachs, ING, Merrill Lynch, Morgan Stanley, Natixis, Santander and Société Génerale. Rating agencies Fitch, Moody's and Standard & Poor's have a rating of B (Positive Outlook), B2 (Outlook Stable) and B (Outlook Stable).