Red Eléctrica has organised a €500 million credit line in order to partly fund its purchase of Spanish satellite operator Hispasat.

Red Eléctrica, in a statement, said the funding was secured on June 12th and will run for a 5 year period, potentially extendable to 7 years.

Red Eléctrica agreed in February to buy Abertis’ 89.7 per cent stake in Hispasat for €949 million ($1.1 billion at the time). Red Eléctrica said the funding came from a banking syndicate of 4 participating banks.

Abertis exited Hispasat in order to focus on its toll-road businesses.

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