Spain's ONO says refinances 3.5 bln euros of debt

Unlisted Spanish cable company ONO said on Tuesday it had completed the refinancing of a 3.5billion euro ($4.76 billion) syndicated loan, delaying significant debt repayments until 2013.

ONO, which had been negotiating with creditor banks since the beginning of the year, said new conditions on the loan include a 125 basis points increase over the margin of committed payments.

Shareholders also agreed a 200 million euro cash injection as part of the refinancing deal and approved the possibility of future bond issues to help pay down debt.

"This agreement will allow ONO to focus on management and business growth" the company said in a statement.

Spanish bank Santander owns 4.4 percent of ONO. ($1=.7351 Euro)