Spanish listed property firm Realia has gained another two months to reach a much-needed debt refinancing agreement with a consortium of seven banks.
Spanish listed property firm Realia has gained another two months to reach a much-needed debt refinancing agreement with a consortium of seven banks.
Realia, which is owned by construction and services group FCC and nationalised lender Bankia, said on Wednesday that it has reached an agreement to postpone by two months the maturity of a €847 mln loan linked to its development activities.
Under the new agreement, the Madrid-based group has to reach a final debt restructuring agreement with the banks by end-May, instead of end-March as previously agreed.
'Given the advanced negotiations with the banks, we are confident that we will be able to reach a final agreement to refinance our debt related to the development business in the next two months,' the company said in a statement.
Realia has been in discussion with the creditor banks for months. It first signed a standstill agreement with the lenders in December last year, allowing it to stretch the maturity of the loan to March this year.
In total, Realia had debt outstanding of €2.37 bn at end-2012.
