UPDATE 1-Spain's Prisa wins $6.2 bln bridge loan extension
(Recasts with extension, adds results)
MADRID, June 20 (Reuters) - Spanish media group Prisa (PRS.MC) has won a month's extension on a bridge loan it took out to fund its offer for pay-TV arm Sogecable, which it said should give it time to refinance the debt package.
The 4 billion euro ($6.2 billion) loan was due to expire on Friday. Earlier, a company source said Prisa was in the last stages of the refinancing.
"This month-long extension should allow us to finalise the deal negotiated to renew this credit until March 2009," Prisa said in a statement.
The loan was led by HSBC and was syndicated to La Caixa, Banesto, BNP Paribas, Caja Madrid and Natixis.
Prisa shares had risen strongly to 8.68 euros early in the day on an Internet report that the debt deal had been done. But by 1346 GMT they were down 1.8 percent at 8.30 euros, a new three-month low, on disappointment the deal was not yet closed.
The Sogecable buyout raised Prisa's total debt to 5 billion euros, or more than 6 times its estimated 2008 EBITDA (earnings before interest, tax, depreciation and amortisation).
Prisa has said it is considering selling all or part of Sogecable's Digital+ business to help pay off debt.
In the statement about its debt, Prisa also said its operating profit was up 10 percent year-on-year in the months to the end of May while advertising revenue rose 3.1 percent.
Prisa said the circulation of its flagship El Pais newspaper rose 5 percent in the period to May. (Reporting by Robert Hetz and Jane Barrett; Editing by David Holmes)
