Bidders for Spain’s MasMovil secure increased financing package

MADRID (Reuters) – A consortium bidding to buy Spanish telecoms operator MasMovil secured a loan of 2 billion euros ($2.25 billion) to finance the deal, according to a term sheet from one of the lead managing banks.

The seven-year loan, which private equity firms Cinven, KKR and Providence aim to use the finance the bid, was increased in size from an originally targeted 1.5 billion euros.

Barclays , BNP Paribas , Morgan Stanley and Deutsche Bank , acted as joint global coordinators, while Credit Agricole , Mizuho and Santander were bookrunners.

(Reporting by Isla Binnie; editing by Jess Aguado)