Prisa delays debt repayment

Spanish media group Prisa, owner of pay-TV company Sogecable, has struck an agreement with its lenders to delay repayment of about €1.8bn worth of debt due in March until May 2013.

Prisa has signed an agreement in principle with HSBC, Santander, Banesto Cajamadrid, La Caixa, BNP Paribas and Natixis to reschedule the debt, which was originally arranged to finance Sogecable’s IPO. The company’s total debts amount to about €4.8bn.