Cyfrowy Polsat refinances debt

Polish media group Cyfrowy repaid the Senior Notes issued by Eileme 2 AB (publ), a company included in Cyfrowy Polsat Group – with the nominal value of €542.5 million and $500 million, thus completing the process of refinancing the current debt of the group, a press release read. "We have secured new financing on very good terms, and what is equally important – in zlotys only," Tomasz Szeląg, Management Board Member in charge of Financing in Cyfrowy Polsat and Polkomtel said. "According to our assumptions we will generate interest savings of approximately PLN 400 million annually and acquire a greater flexibility and security for our operations, a simplified debt structure, as well as very good prospects for future development of the group," he added. In September last year, under the process of refinancing the group's indebtedness, the group entered into a facility agreement with a consortium of Polish and foreign financial institutions comprising a term facility of up to PLN 11.5 billion, a revolving facility of up to PLN 1 billion and issued Series A unsecured bearer bonds with the total nominal value of PLN 1 billion in July 2015. The aforementioned activities will provide Cyfrowy Polsat with interest savings of approximately PLN 400 million annually.