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MTG raises SEK1 billion in refinancing effort

European broadcasting firm Modern Times Group (MTG) has raised SEK 1 billion (€113 million) in the Swedish bond market to refinance an existing SEK 1 billion loan.

MTG said that the new bond has a maturity of four years and will be listed on the NASDAQ Stockholm.

The move comes after MTG replaced its SEK 6.5 billion of previous bank financing with a SEK 5.5 billion long-term revolving multi-currency facility and a SEK 1.0 billion loan in December 2013.

“The interest in our first local bond offering has been high and reflects our strong financial position, our diversified and growing business, and our highly cash generative operating model. We have refinanced and diversified our overall funding structures over the last six months and built a platform for further investment in our long term growth,” said MTG’s chief financial officer Mathias Hermansson.