(Bloomberg) -- KKR & Co. is refinancing the bank debt taken on to help fund its purchase of a 40% stake in Telxius, Telefonica SA’s wireless towers unit, Cinco Dias reported, citing people in financial markets that it didn’t identify.

Under the new terms, the amount of the loan will fall to 440 million euros ($512 million) from 460 million euros and the maturity will be extended to 2025 from 2022 under softer conditions, the newspaper said.

Telefonica agreed to sell a minority stake in Telxius to KKR in 2017 for 1.28 billion euros as Spain’s former phone monopoly raised funds to cut debt.

A spokesperson for KKR in Madrid declined to comment on the report.

©2020 Bloomberg L.P.