NOS refinances €380M debt with three Portuguese banks

What's the deal? Portuguese telecom NOSDealroom has a profile for this one. Try Dealroom → has raised €380 million ($430.8 million) through refinancing operations with three banks — Caixa Geral de DepósitosDealroom has a profile for this one. Try Dealroom →, Banco Comercial PortuguêsDealroom has a profile for this one. Try Dealroom →, and Banco BPIDealroom has a profile for this one. Try Dealroom →. The company disclosed the deal in a filing to Portugal's securities regulator, the Comissão do Mercado de Valores Mobiliários (CMVM).

How it's structured: The operations replace existing credit lines with bullet-structured debt, where the principal is repaid in full at term. The new instruments carry maturities of four, five, and six years.

Why now? NOS says the refinancing swaps existing liabilities for longer-dated debt, strengthening its capital structure and lengthening the average maturity of its debt. The company called the terms "favourable," aligned with its credit risk profile and current market conditions.

What's the endgame? The move aims to optimise the cost of capital, reinforce liquidity, and add financial flexibility to fund the telecom's investment and growth strategy.

The ESG tilt: The operations fall under NOS's Sustainability-Linked Financing Framework, tying terms to environmental, social, and governance targets. More than 90% of the company's contracted debt is now linked to sustainability objectives.

By the numbers: As of June 30, 2026, NOS reported a net financial debt-to-EBITDA ratio of 1.6x after leases, below its policy reference of roughly 2x — a level the company described as reflecting "prudent financial management" and balance sheet strength.

The signal: At €380 million, this is a sizeable financing that ranks in the upper tier of comparable rounds. It also underscores how mainstream sustainability-linked debt has become for large European corporates, with NOS now tying nearly all its borrowing to ESG metrics.

Read more: jornaldenegocios.pt

Image credit: Cerillion