The Unlisted Spanish cable company ONO has recently announced that it had completed the refinancing of a 3.5 billion euro ($4.76 billion) syndicated loan, delaying significant debt repayments until 2013.

Moreover, ONO, which had been negotiating with creditor banks since the starting of the year, stated that the new conditions on the loan include a 125 basis points growth over the margin of committed payments.

On the other hand, shareholders also decided a 200 million euro cash injection as part of the refinancing agreement and sanctioned the possibility of future bond issues to help pay down debt.

According to the statement released by the company, “This agreement will allow ONO to focus on management and business growth.”

Meanwhile, Spanish bank Santander owns 4.4 percent of ONO.