Cable Satisfaction International Inc. (Csii) through its Portuguese subsidiary, Cabovisão–Televisão por Cabo, S.A. (Cabovisão), amended its credit agreement with a syndicate of international bankers for a credit facility of up to 260 million euros (approximately $371.2 million), on September 14, 2001. The amended credit agreement includes term loans and revolving advances. The term loan of up to 100 million euros (approximately $142.8 million) is available with more flexible covenants and Cabovisão will refinance this facility from proceeds of the revolving facility of up to 260 million euros.
The syndicate of bankers included Toronto-Dominion Bank as facility agent and Caixa-Banco de Investimento, SA as security agent. The borrowings under the credit facility will be used to fund the development and construction of Csii's national fibre-optic backbone, regional hybrid fibre-optic coaxial (HFC) networks and the related infrastructure in Portugal.
François de Billy and Pedro Costa, in-house counsel at Csii and Cabovisão, respectively, were assisted by teams from Lavery, de Billy in Montreal, consisting of Pierre Denis (banking) and Michel Servant (corporate) and from Vasconcelos, F. SA Carneiro, Fontes & Associados in Portugal, consisting of Duarte Vasconcelos, Maria Eduarda de Lemos Godinho and Teresa Baptista. Nicola Wherity, Lorraine Vaz and Clinton Ray of Clifford Chance in London, René Citroen, Elske L. van Praag and Jaap Vreugdenhil of Clifford Chance in Amsterdam and Pedro Porto Dordio and Malfalda Seabra Pereira from António Frutuoso de Melo & Associados in Portugal, acted as counsel to the lenders.