Spanish telecoms group Telefonica has announced the successful renegotiation of an extension on EUR4 billion (USD5.1 billion) of a EUR6 billion loan it took out to acquire Czech former fixed line monopoly Cesky Telecom (now known as Telefonica O2 CR) in 2005. Reuters reports that under the revised arrangements, Telefonica has the option to pay EUR2 billion of the loan twelve months later than originally planned and it has a two-year extension on a second EUR2 billion tranche of the loan. The loan was to have matured in June 2011.
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