Ono extends capital base

Iñaki Ferreras | 16-10-2012

Spain’s main cable operator Ono has completed a capital increase of €168.7 million which the company says will be used to convert a participating loan during the refinancing of debt.
The move follows the agreement signed in May 2012 with banks to refinance and was performed through "the issue of new shares, to subscribe and pay off debts.”
Ono assured that the operation will have no impact on the capital structure of the company headed by José María Castilian and whose major shareholders are CCMP Capital Advisor Ono, Thomas H. Lee Partners and Providence Equity Partners, each with 15% equity. Other shareholders include Quadrangle Capital Partners with 9%; GE Capital with 8.8%; Multitel Group with 6.3%; Caisse de Depot et Placement du Quebec at 6.6%; Val Telecommunications, 5.4%; Ontario Teachers Pension Plan, 4.7%; and Santander with 4.4%.
In early February Ono placed a bond issue in the region of $1 billion intended to repay an advance bank debt maturing in 2012 and 2013. Ono said then that it had successfully placed bonds for a total of €2.2 billion in just over a year. In mid-May of this year, Ono reached agreement with 12 banks to refinance its debt for €1.4 billion and extend maturities until 2018.