Spanish property group Martinsa Fadesa has signed a refinancing agreement with all its creditors to cover EUR 4bn in debt. About EUR 2.6bn relates to a loan taken by Martinsa in 2006 to acquire peer Fadesa. Another EUR 1.4bn is a short term operative loan, the property group said. The refinancing is being provided by a total of 45 foreign and local banks including La Caixa, Cajamadrid, Ahorro Corporacion Financiera, Morgan Stanley, Royal Bank of Scotland and Banco Popular. In a statement, Martinsa said the new contract is valid through to 2011, though it has an option to extend through 2013. The group holds a total debt pile of EUR 5.1bn.
Spanish property group Martinsa Fadesa has signed a refinancing agreement with all its creditors to cover EUR 4bn in debt. About EUR 2.6bn relates to a loan taken by Martinsa in 2006 to acquire peer Fadesa. Another EUR 1.4bn is a short term operative loan, the property group said. The refinancing is being provided by a total of 45 foreign and local banks including La Caixa, Cajamadrid, Ahorro Corporacion Financiera, Morgan Stanley, Royal Bank of Scotland and Banco Popular. In a statement, Martinsa said the new contract is valid through to 2011, though it has an option to extend through 2013. The group holds a total debt pile of EUR 5.1bn.
