Ono Successful Refinancing Reflects Strong Fundamentals

Ono, the second largest provider of fixed telephony, broadband and pay-TV services in Spain has braved financial markets amid difficult conditions that have seen investors become more risk averse to secure refinancing following the downgrade of Portugal's debt. Dow Jones Newswires reports that Nara Cable Funding, a special purpose independent orphan vehicle of Ono, sold GBP300mn of senior secured notes with a rating of B2/B at a yield of 9.060% to US investors. BMI believes that Ono's strong fundamentals were sufficient to counter any concerns about European macroeconomic stability.

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