MADRID, 7 Feb. (EUROPA PRESS) -
Ono has successfully closed a bond issue for 260 million euros to 2020 and an 8.50 percent coupon, which will allow the company to repay debt in advance and not face any maturity until June 2016, in addition to "facilitating" a possible IPO.
Specifically, the funds obtained with this operation will be used to amortize in advance part of its bank debt with maturities in 2013, 2014 and 2015, so that the ope
...MADRID, 7 Feb. (EUROPA PRESS) -
Ono has successfully closed a bond issue for 260 million euros to 2020 and an 8.50 percent coupon, which will allow the company to repay debt in advance and not face any maturity until June 2016, in addition to "facilitating" a possible IPO.
Specifically, the funds obtained with this operation will be used to repay in advance part of its bank debt with maturities in 2013, 2014 and 2015, so that the operator will not face any maturity until June 2016.
Following the transaction, Ono's debt maturities are set at around €240 million in 2016, €400 million in 2017, €2.2 billion in 2018 and €470 million in 2019. Overall, the total debt of the cable operator totals about 3,500 million euros, as reported by company sources to Europa Press.
The issue, which has been attended by more than 60 investors, has been oversubscribed twice, despite the "complex" situation of the financial markets, Ono said in a note.
The firm explained that, with this operation, it gains in flexibility, which will result in greater possibilities when executing its business plan in the future and in continuing to consolidate its "firm" commitment to high Internet speeds, fixed-mobile convergent services and "more advanced and innovative" television with TiVo.
Specifically, Ono's Chief Financial Officer, Carlos Sagasta, stressed that the firm continues to consolidate its capital structure and proactively manage its maturities.
"The bonds issued will allow us to reduce our financial costs in the medium term, which facilitates an IPO," he added.
The coordinating banks of the transaction were: Deutsche Bank, BBVA; ING, Bankia, BNP Paribas, BofA Merrill Lynch, Credit Agricole CIB, J.P. Morgan, Santander and Societe Generale Corporate & Investment Banking.
