Portuguese cableco Zon Multimedia has secured a €100m commercial paper programme with state-owned bank Caixa Geral de Depositos, which it will use to refinance existing debt.
In a statement, the triple-play provider said that the new facility, which…
Portuguese cableco Zon Multimedia has secured a €100m commercial paper programme with state-owned bank Caixa Geral de Depositos, which it will use to refinance existing debt.
In a statement, the triple-play provider said that the new facility, which matures in 2015, would replace an existing commercial paper programme of €125m that matures this year.
Zon said that the new credit facility would improve the stability of its capital structure and extend the average maturity of its debt.
“This together with a significantly improved cash-flow profile places ZON in a very comfortable position with no additional projected refinancing needs until the end of 2013,” the company said.
Zon provides internet, telephone and TV services to around 1.6m customers.
Caixa Geral de Depositos holds 10.88% of the company’s share capital.
