MADRID Nov 16 Spanish media group Imagina said on Friday it had signed a syndicated loan worth 355 million euros ($454 million) with ten banks after its shareholders injected 25 million euros into the company.
British advertising agency WPP and Mexican group Televisa are major shareholders in the unlisted group, which produces audiovisual content and offers consulting services for Spanish and international clients.
The refinancing agreement is to increase an existing loan of 220 million euros, a company source said.
Imagina said in a statement the deal was to aid international expansion. A company source said it was particularly focused on growing in Brazil and some other markets where it already operates.
Spain is suffering its second recession in three years, with media one of the worst-hit sectors. Dozens of media outlets have shut down as advertising spend plummets and the outlook is bleak.
Imagina has worldwide offices in cities including Dubai, Paris and Rio de Janeiro and said it had increased activity in Latin America and China over the last quarter through delegations based in those regions.
The new syndicated loan, which ends in 2015, was signed with Banco Espirito Santo, Banco Popular, Banco Sabadell, Banesto, Bankinter, CaixaBank, Citibank, Espirito Santo Investment, Institut Catalan de Finances (ICF) and the Royal Bank of Scotland.