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Imasac to raise money for Cisneros

Subsidiary places $80 mil in debt

MIAMI — Imasac, an Argentine subsidiary of the Cisneros Group, has placed $80 million of debt in the U.S., Latin America and Europe, the company announced Monday.

Imasac is the holding company for top Argentine cable programmer Imagen Satelital — owner of six nets and distribbery for 12 more — which Cisneros acquired for $114 million last year.

Proceeds form the offering will be used primarily to repay a $50 million bridge loan used in that acquisition.

A Cisneros Group source last week told Daily Variety that the placement — priced in April 23 — was oversubscribed by a ratio of nine-to-one.

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