Banks let ONO extend

Spain’s largest cable company ONO has completed a refinancing with 12 different lenders with commitments totalling €1.4 billion to refinance its existing bank debt.

Participating banks are Bank of America Merrill Lynch, BBVA, Bankia, BNP Paribas, Credit Agricole, Deutsche Bank, ICO, ING, JP Morgan, Banco Santander, Societe Generale and Unicaja.

Bankia shares have been suspended as it looks to the government for a €14bn bail out.

The move is part of ONO’s multistage refinancing and allows the company to postpone bank debt maturities due in 2013 to 2017.

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