Spanish cable operator Ono is interested in participating in the process to acquire a stake in regional cableco Telecable.
An Ono source told TelecomFinance that the company is interested in participating, but could not offer any more details at this…
Spanish cable operator Ono is interested in participating in the process to acquire a stake in regional cableco Telecable.
An Ono source told TelecomFinance that the company is interested in participating, but could not offer any more details at this stage.
Telecable provides TV, fixed-line and mobile services in the region in Asturias in northern Spain.
News emerged earlier in September that Liberbank, the banking unit that holds a 92% stake in Telecable, was considering selling a part of its stake in the company.
TelecomFinance understands that the bank is looking to bring in a strategic partner that would favour the consolidation, growth and expansion of the cable company.
A source close to the operation would not comment on the negotiations process, but confirmed that Liberbank would remain a “relevant shareholder” in Telecable after the process had been completed.
The source said that while there is no term for the sale process to be completed, it could advance rapidly and be completed in a few weeks.
Spanish newspaper Expansion reported yesterday that both Ono and London-based CVC Capital Partners are among the leading candidates in the bidding process.
A spokesman for CVC Capital Partners declined to comment.
In the recent Spanish spectrum auction, Telecable paid over E700,000 to obtain a regional licence for 10MHz in the 2.6GHz band.
It said that this licence would allow it to develop 4G services on its own mobile network.
The interest from Ono comes after it successfully completed a E300m bond offering in July.
In a statement on 14 July, it said that it had completed its offering of E300m in 8.875% senior secured notes that mature in 2018.
The notes priced at 99.
Ono said that the joint global coordinators and book running managers for this bond offering were BoA Merrill Lynch, Deutsche Bank and Societe Generale.
The company said that the notes issued in July would be fully fungible with the E700m of 8.875% notes that it issued in October 2010.
The July notes were issued by a special purpose independent orphan vehicle, Nara Cable Funding Ltd. Ono said that this vehicle would lend the gross proceeds of the debt offering on to Cableuropa (another name for Ono itself).
The proceeds of the debt offering would be used to repay the E300m of debt under Cableuropa’s senior facility.
