RBS, Eurohypo, Calyon take 45% stake in Colonial

International banks Royal Bank of Scotland (RBS), Eurohypo and Calyon have taken a 45% stake in Spanish property company Colonial through the swap of debt bonds with new company shares.

In a statement to the stock market regulator CNMV, Barcelona-based Colonial said that it has issued 5.6 billion new shares with a value of EUR 0.12 each, therefore increasing its capital by EUR 680 mln as part of a major debt refinancing agreement agreed earlier this year.

Royal Bank of Scotland, Eurohypo and Calyon are the leading arrangers of a syndicated loan which Colonial signed in September 2008 for a total amount of EUR 4.2 bn. Following the operation, these banks will each own a 14.95% stake in the Spanish property company.

As a result of the capital increase, the stake in Colonial held by local banks and cajas such as La Caixa, Banco Popular, Bancaja, Caixanova, Banco Pastor, Caja Duero and Caixa Galicia has been diluted from 24% previously to around 6% at present. These lenders entered into Colonial's share capital two years ago after taking control of former president Luis Portillo's interest in the property group.