This inflow of new funds comes after the company has fulfilled the conditions provided in the financing contract
Eurona is now well capitalized to continue with its business plan during these four years and to get a better position for profitable and sustainable growth
Madrid, 28th of December, 2018. Eurona, the Spanish telecommunications multinational, has signed with Realta Investments Ireland DAC, an affiliate of Magnetar Capital ("Magnetar") and Mutual Forecast of Surveyors and Technical Architects, a financing contract of 27 million euros. Of these funds, 11 million euros will go towards to the cancellation of the bridge credit signed with Magnetar the 29th of June, 2018, while the rest will be dedicated to promoting the business plan 2018-2022, focused mainly on the sustainable growth of the group.
The operation is supported by the shareholders and partners of the company and comes after Eurona has faithfully fulfilled the objectives set in the presentation of the last Business Plan and in which it has been working throughout this entire year.
These include the approval of the financial and corporate restructuring by the Board of Directors and the Shareholders' Meeting or the recent and necessary approval of the refinancing agreement by the Commercial Court. Precisely, this last step will allow Eurona to delay the payment of debt and interest in five years, which demonstrates their confidence in the project for the future of the company.
In addition, this year has also been marked by strategic agreements that will have a positive impact on the Eurona income statement. One of the most significant was the sale of the licensed band of 5G to MásMóvil for 30 million euros or also obtaining the license to operate voice and data services in the Dominican Republic for 20 years.
Also in the framework of compliance with the Business Plan, the company has strengthened in recent months its expansion in Africa, one of its target markets, with the development of new projects to bring satellite broadband Internet to nearly a thousand schools in Morocco and Benin and more than 1,000 gas stations in the North African country.
Similarly, Eurona has also opted to open a new business area in the continent after bringing medical services remotely (telemedicine) to Morocco, a project that seeks to extend to other regions and even other African countries. At the same time, the company has also expanded its alliance with the Spanish Radio and Television Corporation (RTVE) to broadcast the International channel and the radio channels RNE Radio 1 and RNE Radio Exterior of Spain in Africa via satellite.
According to Fernando Ojeda, CEO of Eurona, "Magnetar and Mutual Forecast of Surveyors and Technical Architects show their confidence in the project by financially supporting their growth plan once all the duties have been done. In this way, Eurona is now well capitalized to continue promoting its business plan during these four years and guarantee investors and shareholders profitable and sustainable growth".