Mediapro Group has refinanced its money owed, handing majority shareholder Southwind Group extra management of the Barcelona-based manufacturing and dwell broadcasting providers large and easing monetary pressures.

The settlement, which Mediapro says “definitively resolves uncertainties attributable to the impact the [COVID-19] pandemic” palms the corporate an instantaneous €620M ($530M) capital improve.

Most of this might be used to deliver Mediapro’s €900M debt right down to under €400M in web debt, or €500M in gross debt. This takes the debt load under 3 times EBITDA. The remaining money might be used as working capital.

Shareholders of Southwind, the proprietor of Mediapro’s Chinese conglomerate mother or father Orient Hontai Capital, totally subscribed to the refinancing. This means Southwind’s total shareholding grows from 53% to 80%. UK-based advert large WPP now owns 10%, with Mediapro founders Jaume Roures and Tatxo Benet taking the opposite 10%.

Mediapro — whose Mediapro Studios has turn into one of many largest gamers in European and Latin American manufacturing by means of reveals reminiscent of Yosi, The Regretful Spy — closed 2021 with turnover of about €1.2B and EBITDA of €168M. However, it was badly affected by the pandemic and in addition noticed a soccer rights broadcasting settlement with the French soccer affiliation LFP collapse in 2020.

The new deal places it on surer footing heading into the second half of 2022. According to Mediapro, it provides the corporate “a stable and wholesome monetary construction on which to base its plans for progress.”

The refinancing was first unveiled in November 2021.

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