Prisa extends Maturity of its Debt

Spanish media group Prisa (PRS:Madrid stock exchange) signed an outline agreement with its creditors to roll over a bridge loan of EUR 1.9 billion until May 2013. The loan would have expired at end-March this year. Prisa's bridge banks are HSBC, Santander, Banesto, Cajamadrid, La Caixa, BNP Paribas, and Natixis. This agreement is part of a restructuring process of Prisa's debt, which will allow the company to develop a stable capital structure in the medium and long term, in line with its strategic plan, the company said. During this period, Prisa plans to establish a business strategy that will reinforce its financial and capital structure. The agreement is subject, among other conditions, to the approval of another group of banks with which Prisa has a syndicated facility.  

Related Article:
Analysis: What is Prisa’s New Strategy after Cutting Back its TV Assets?


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