Prisa refinances 100% of its debt

Juan Fernandez Gonzalez | 11-12-2013

Prisa has finally managed to refinance 100% of its debt and secured a new financial source which brings fresh air to the media company. Thus, the sale of Canal+ is no longer urgent and although the company is still interested in selling the platform, it can now afford to wait for the right offer.

Prisa's plans for the future were presented at its shareholders meeting on 10 December. According Fernando Abril-Martorell, Prisa's CEO, talking to Europa Press, Prisa will keep "disinvesting non-strategic activities, especially those related to its audiovisual business".

Many names have been put forward as possible buyers of Canal+, Spain's largest pay-TV platform. Initial interest by Telefónica – which already has shares in Sogecable, Canal+'s owner – was followed by Rupert Murdoch's name. Even Al Jazeera has appeared among the latest candidates. But Juan Luis Cebrián, the group's president, has confirmed that the sale won't be made "under pressure" and that the company will look for the best price.

Prisa has a €3,400 million debt and has been struggling under the threat of bankruptcy since the beginning of the year. But its creditors have finally agreed to give extra time – and funds – to the media group, which is looking to restructure its business and focus on Latin America's editorial and radio markets.

Prisa has three more years to keep the company afloat, after which time it will have to pay back €900 million. The whole refinancing plan has been extended through the next six years.