Adamo Initiates Refinancing of €1 Billion Debt Following Annual Results

✦ Meridian Analysis

Adamo has moved from a loss‑making results announcement to a signed refinancing agreement for its €1 billion debt package. The deal keeps the existing syndicated facility – nominally €1 billion, of which €795 million remains available at the end of 2025 – but extends its term to 2030 and adds a longer‑dated instrument to replace the current maturity profile. The refinancing pool is led by ING and Société Générale, with participation from Instituto de Crédito Oficial, Hamburg Commercial Bank and KfW, and the process is being advised by DCAdvisory. From a structuring perspective, the transaction is a classic debt‑roll‑over: the issuer retains the same nominal exposure while seeking to lengthen the amortisation schedule. Earlier this month Meridian reported that Cellnex Telecom issued €750 million of bonds. What remains undisclosed are the pricing terms of the new instrument, the exact maturity beyond 2030, any covenant adjustments, and whether the refinancing will be accompanied by a secondary equity component. Details on the timetable for closing, the required regulatory clearances and the final composition of the financing package will be closely monitored by deal professionals seeking to gauge the depth of lender confidence in Adamo’s turnaround plan.

Additional sources: Adamo pierde 81 millones e iguala ventas en pleno viraje hacia su negocio minorista · Ardian renegocia 1.000 millones de la teleco rural Adamo tras una lluvia de subvenciones · Ardian detiene la venta del negocio 'retail' de Adamo entre las grandes 'telecos' · Adamo captó un crédito de 900 millones para su expansión ante la venta a Ardian | Cinco Días · El operador de fibra rural Adamo planea segregar el negocio 'retail' de las redes para facilitar su venta

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