Italy's RCS MediaGroup SpA (RCS.MI) said late Wednesday its
board has approved new and improved terms of a refinancing deal
with a group of banks.
Earlier in May, RCS had asked its lenders to revise some of the
terms and conditions of a loan agreement to reschedule maturing
debt worth 575 million euros ($744 million), following the recent
improvement in financial markets.
In a filing to the Italian stock exchange, the company, which
publishes one of Italy's most influential daily newspaper, Corriere
della Sera, said that the new terms entail an increase of the
medium- and long-term lines of credit to EUR600 million from EUR575
million, with maturities between three and five years, and at an
average cost of 470 basis points over Euribor.
Also, the banks have agreed to lower to EUR380 million from
EUR400 million the minimum amount that is needed to be subscribed
in a RCS capital increase to guarantee these credits.
RCS Mediagroup's stakeholders include Fiat SpA (F.MI),
Assicurazioni Generali (G.MI), Intesa Sanpaolo (ISP.MI) and
Mediobanca (MB.MI).
Write to Enza Tedesco at enza.tedesco@dowjones.com
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