ONO completes multistage refinancing
By Julian Clover

Indebted cablenet ONO has completed a refinancing across 12 different lenders. The Spanish operator has signed a New Senior Bank Facility Agreement and obtains commitments totaling €1.4 billion to refinance its outstanding existing bank debt one year ahead of its original maturity.

The transaction represents the final steps in ONO’s multistage refinancing and removes the overhang from bank debt maturities due in 2013. There are now no significant repayments due before 2017.

The commitment has been provided by Bank of America Merrill Lynch, Bankia, BBVA, BNP Paribas, Crédit Agricole, Deutsche Bank, Instituto de Crédito Oficial, ING, JP Morgan, Santander, Société Générale and Unicaja.