UBS Warburg has won the mandate to buy back €475m ($476m) of debt for Grupo Corporativo Ono, the Spanish cable operator, on the back of a loan to the company.

The bank won the role ahead of Goldman Sachs, Santander Central Hispano (SCH) and Schroder Salomon Smith Barney, which had been mandated the lead Ono's initial public offering, a deal which never materialised.