ONO completes bond issue
10.41 Europe/London, July 15, 2011 By Chris Dziadul

Spainís leading cable operator ONO has completed a Ä300 million bond issue, the proceeds of which will be used to repay its bank debts in advanced and thereby improve the companyís capital structure.

According to ONO, the issue is in addition and similar to one it held in 2010. It was worth Ä700 million, with the bonds maturing in 2018.

In this instance, the transaction, initially oversubscribed twice over, was supported by over 70 investors.

First quarter results published by ONO back in May point to it having started to turn the financial corner, posting an EBITDA-operating profit of Ä179 million, or 1.9% than in the same period in 2010.

Its net profit amounted to Ä9 million in the first quarter.