Mediapro: refinancing of debt by Southwind (Orient Hontai Capital), which becomes an 80% shareholder

The Spanish broadcasting group Mediapro has announced that it will refinance its debt, "which amounted to over €900m", through a €620m capital increase "fully subscribed by majority shareholder Southwind" (a subsidiary of Chinese investment fund Orient Hontai Capital) "with immediate effect," on 08/06/2022.

"The majority of these funds will be used to repay debt, bringing it to below €400m net debt (about €500m gross), with net debt-to-EBITDA ratio of 2.3 times (2.9 times in the case of gross debt) and the remaining amount will be used for the group's working capital," explained Mediapro.

The shareholder structure changes as follows:
- Southwind: from 53.5% to 80%.
- WPP (British advertising group): 22.5% to 10%.
- Jaume Roures: 12% to 5%.
- Tatxo Benet: 12% to 5%.

Mediapro also announced a turnover "close to €1.22bn" for 2021 (compared to €1.115bn in 2020) and an EBITDA of €168m (€215m in 2020). The forecast turnover for 2021 was €1.237bn.

• "The agreement definitively resolves uncertainties caused by the effect of the pandemic on the Group's activity and provides the company with a…