Bidders for Spain’s MasMovil secure increased financing package

July 2, 2020

MADRID (Reuters) – A consortium bidding to buy Spanish telecoms operator MasMovil <MASM.MC> 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 <KKR.N> and Providence aim to use the finance the bid, was increased in size from an originally targeted 1.5 billion euros.

Barclays <BARC.L> , BNP Paribas <BNPP.PA>, Morgan Stanley <MS.N> and Deutsche Bank <DBKGn.DE>, acted as joint global coordinators, while Credit Agricole <CAGR.PA>, Mizuho and Santander <SAN.MC> were bookrunners.

(Reporting by Isla Binnie; editing by Jesús Aguado)