Poland’s Cyfrowy Polsat has secured credit totaling PLN12.5 billion (€2.98 billion) from a consortium of Polish banks and foreign financial institutions.

The funds, which consist of a term facility of PLN11.5 billion and a revolving facility of up to PLN1 billion, will be used to refinance its debts.

Commenting on the development, Tomasz Szelag, management board member in charge of financing at Cyfrowy Polsat and Polkomtel, said: “I am very happy that five months of very intensive work on the refinancing project regarding the current indebtedness of our group has ended in such a spectacular success. Both the credit facility and the bond issue attracted a lot of interest on the part of financial institutions, leading to oversubscription and, in consequence, a considerable reduction in the offers. Although a number of favorable factors accompanied the whole process, we did work in relatively difficult market conditions. Hence we are even more pleased to be able to raise new funding for our whole indebtedness on very good terms and in PLN only”.

He added: “According to our assumptions, and thanks to the process we implemented, we managed not only to generate interest savings of approximately PLN380 million annually but also gained greater flexibility and security for our operations, as well as a simplified indebtedness structure, which, without a doubt, will have a positive impact on our operations and the future development of the group”.