European private equity group GMT Communication Partners has refinanced the senior debt facilities of its portfolio company Redext in a €26.5 million deal.

European private equity group GMT Communication Partners has refinanced the senior debt facilities of its portfolio company Redext in a €26.5 million (£23.9 million) deal.

Redext, which owns some 600 billboards in Spain as well as 70 “urban furniture” advertising concessions, agreed the financing with its pre-existing lenders, Spanish banks BBVA, Banesto and CAM.

Antonio Sanchez de Leon, CEO of Redext, says, ‘Although the outlook for outdoor advertising in Spain is challenging, our own performance remains stable and I believe there are significant market opportunities which we can take advantage of.’

The company was established in 2005 to acquire three outdoor advertising groups in Spain (IEPE, Soportes and Impursa).

Clifford Chance provided legal advice to Redext, while Allen & Overy acted as legal advisors to BBVA, Banesto and CAM.