Bidders for Spain's MasMovil secure increased financing package

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July 2, 2020 2:09 PM UTC

FILE PHOTO: A balloon with the logo of Masmovil is seen during its bourse debut in Madrid, Spain, July 14, 2017. REUTERS/Juan Medina

MADRID (Reuters) - A consortium bidding to buy Spanish telecoms operator MasMovil secured a loan of 2 billion euros ($2.25 billion) to finance the deal, according to a term sheet from one of the lead managing banks.

The seven-year loan, which private equity firms Cinven, KKR (NYSE: KKR) and Providence aim to use the finance the bid, was increased in size from an originally targeted 1.5 billion euros.

Barclays , BNP Paribas , Morgan Stanley (NYSE: MS) and Deutsche Bank , acted as joint global coordinators, while Credit Agricole (OTC: CAGR), Mizuho and Santander (NYSE: SAN) were bookrunners.

(Reporting by Isla Binnie; editing by Jesús Aguado)


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