Ono’s debt refinancing nears completion

Spanish pay-TV operator Ono is set to complete the refinancing of €3.6bn of debt and could issue bonds, shares or seek an IPO.

The operator’s board has approved plans for an injection of €200m from its shareholders, including bank Santander and foreign venture capital groups. €125m of the funds will be available immediately, with the remaining €75m kept in reserve. CEO Rosalia Portela said the cash would be used to make new investments in the company’s fibre optic network, to launch new products and to develop its cellular business.