Fergo Aisa, the Spanish real estate developer formerly known as Astroc, said it has reached an agreement with its banks to refinance around EUR 330 mln of debt. In a statement to the Spanish stock market regulator CNMV, the company said that the restructuring was agreed with a consortium of 30 lenders.
Fergo Aisa, the Spanish real estate developer formerly known as Astroc, said it has reached an agreement with its banks to refinance around EUR 330 mln of debt. In a statement to the Spanish stock market regulator CNMV, the company said that the restructuring was agreed with a consortium of 30 lenders.
Fergo Aisa is the result of construction company Fergo's takeover of developer Aisa in July 2009. The company's debt amounted to around EUR 440 mln at the time while property assets were valued at EUR 720 mln.
Meanwhile, Spanish property firm Metrovacesa said it has collateralised its entire 27% participation in the French real estate firm Gecina, as part of ongoing efforts to reach a debt refinancing agreement with its creditor banks. The Gecina stake will serve as collateral for a syndicated loan of EUR 3.2 bn the company was granted in 2007 by a total of 35 financial institutions.
Banco Santander, Caja Madrid, BBVA, Barclays and Banco Sabadell account for 34% of the loan, which originated in 2007 from the acquisition of Gecina.
