WARSAW, April 11 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)