Spanish cable operator ONO has announced the offering of US$300m senior secured notes due 2018.
TelecomFinance understands that BofA Merrill Lynch, Credit Agricole, Deutsche Bank, BNP Paribas, JP Morgan and Societe Generale have been hired to work on…
Spanish cable operator ONO has announced the offering of US$300m senior secured notes due 2018.
TelecomFinance understands that BofA Merrill Lynch, Credit Agricole, Deutsche Bank, BNP Paribas, JP Morgan and Societe Generale have been hired to work on that transaction.
The company said the notes will be issued by a special purpose independent orphan vehicle, Nara Cable Funding, which will then lend the funds to ONO.
ONO will use the proceeds of the offering, along with borrowings under its new senior facility and available cash, to refinance its 2005 senior facility in full.
Last week, the cableco signed a €1.4bn (US$1.76bn) senior facility to fully complete its refinancing programme until 2017.
Moody’s has assigned a provisional B1 (LGD3, 43%) rating to the US$300m notes offering. Fitch gave an expected rating of BB- and an expected recovery rating of RR2.
