ONO gets commitment for €1.25 billion credit facility

By Sara Rosenberg

New York, Dec. 22 - ONO signed a term sheet for a €1.25 billion eight-year senior secured credit facility, according to a company news release.

ABN Amro, Ahorro Corporación Financiera, Bank of Scotland, BNP Paribas, Caixa Catalunya, Calyon, Deutsche Bank, Fortis Bank, Instituto de Crédito Oficial, La Caixa, Royal Bank of Scotland, SabadellAtlántico, Banco Santander Central Hispano, Société Générale and WestLB are lead arrangers on the deal, and Banesto, BBVA and Rabobank are arrangers.

The facility consists of €1.2 billion of senior secured credit facilities in three separate tranches and a €50 million senior secured bank guarantees tranche. Initial margins on the tranches will range between Libor plus 250 and 275 basis points.

Proceeds will be used to refinance and replace the existing €750 million senior credit facilities of Cableuropa and the €150 million senior credit facilities of Retecal. And, under certain conditions, the facilities will allow for the refinancing of ONO bonds.

Closing on the deal is anticipated to take place in January.

ONO is a Madrid, Spain-based broadband service provider.

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