Vivendi pays debt off early

French media and telecoms conglomerate Vivendi has completed the early refinancing of two credit lines totaling €2.7 billion, which had been due to expire in February and August 2013 respectively.

Vivendi has secured a new five year credit line of €1.5 billion, due to expire in June 2017. Vivendi said its objectives were to maintain the company’s average debt maturity at more than four years and to increase the proportion of financing through bond issues to more than 70% of its total borrowing.