Ono, a loss-making Spanish cable television and telecom operator, said it planned to float next year. Debts at the end of last year totalled €1.1bn ($1.3bn) and the group was forced to pull its initial public offering in 2000 just a week before the start of trading.

The group announced its intention to float after raising €280m through a two-tranche bond on Friday to refinance its high yield bonds. Bank of America, BNP Paribas and Deutsche Bank led the deal.