Poland's Cyfrowy says signs $1 bln credit deal

WARSAW, April 11 Fri Apr 11, 2014 2:32pm EDT

WARSAW, April 11 (Reuters) - Poland's largest media group, Cyfrowy Polsat, signed a 3 billion zloty ($996 million) credit deal with a consortium of Polish and international banks mostly to refinance its debt, the group said on Friday.

France's Societe Generale with ING Groep's Polish unit and Polish lender PKO BP are the global managers.

The lender group also included HSBC, BNP Paribas and Erste as well as units of DNB, bcp Millennium, UniCredit, Banco Santander, Credit Agricole, Commerzbank, Raiffeisen, RBS, Bank of Tokyo-Mitsubishi and PZU.

The deal was made up of 2.5 billion zlotys in debt and a multi-currency revolving credit worth up to an equivalent of 500 million zlotys - both due April 11, 2019.

Cyfrowy, controlled by businessman Zygmunt Solorz-Zak, conducted talks on refinancing its debt as part of its 6.2 billion zloty buyout of Poland's No.3 mobile operator Polkomtel .

The takeover, to be completed by mid-2014, means that Cyfrowy takes on 10.2 billion zlotys of Polkomtel debt left over from Solorz-Zak's buyout of the mobile operator in 2011, raising the joint group's net debt to 3.1 times its core profit.

Solorz-Zak decided to merge Cyfrowy and Polkomtel to ease their debt burden and create a company generating 10 billion zlotys in revenue. ($1 = 3.0106 Polish Zlotys) (Reporting by Adrian Krajewski; Editing by Anthony Barker)

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