Polish pay TV operator Cyfrowy Polsat has struck an agreement with a group of Polish and international finance groups to provide credit of up to PLN11.5 billion (€10.3 billion) and a revolving loan of up to PLN1 billion.
The new loans, along with bonds issued in July totaling PLN1 billion, will be used by the operator to refinance existing debt.
Cyfrowy Polsat estimates that the new debt, the largest corporate loans denominated in Polish zlotys to date, will save the group interest of approximately PLN380 million a year.
Tomasz Szeląg, board member with responsibility for finance for both Cyfrowy Polsat and Polkomtel, said that both loaqn and bond issue had been oversubscribed and that the group was pleased to obtain new financing for all of its existing debt at favourable terms and all denominated in zlotys.
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