SPAIN - Providence-backed Ono to begin debt refinancing

frannie
14 January 2010

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Spanish cable operator Ono, which is backed by a private equity consortium including Providence Equity, Quadrangle Capital Partners, JP Morgan Partners and Thomas H Lee Partners, has began talks with its lenders to refinance its debt pile, which totals EUR 3.6bn.

The proposals would see existing shareholders commit a further EUR 200m, EUR 125m of which to be injected immediately as super-subordinated debt and the remaining EUR 75m subject to liquidity tests.

Ono's board is to meet next week to present the holders of its syndicated loan with a refinancing plan that would extend the terms of the debt to June 2013. Entities participating in the deferred refinancing will be offered a commission of 100bps and an interest rate increase of 125bps on Euribor.

In September 2005 Ono acquired 100% of Auna Group's cable division, Auna Tlc, in a EUR 2.25bn deal, which was partially financed through a EUR 1bn capital increase provided by JP Morgan Partners, Providence Equity Partners, Quadrangle Capital Partners and Thomas H Lee Partners, plus a series of senior and subordinated debt facilities.