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Ono completes €3.5bn refinance

Spanish cable operator Ono has completed the refinancing of a €3.5bn syndicated loan.

Ono said significant debt repayments had now been delayed until 2013. The operator had been in negotiations with creditor banks since the beginning of the year. It said new conditions on the loan include a 125 basis points increase over the margin of committed payments. Shareholders also agreed a €200m cash boost as part of the refinancing deal and approved the possibility of future bond issues to help pay down debt.