Madrid-based property company Reyal-Urbis has reached a deal with 51 banks to refinance its EUR 3 bn mountain of debt. In a statement on Monday to the Spanish stock market regulator, the debt-laden property firm said it has obtained two new credit lines which will allow the group to have the 'necessary liquidity for its operative management'.
Madrid-based property company Reyal-Urbis has reached a deal with 51 banks to refinance its EUR 3 bn mountain of debt. In a statement on Monday to the Spanish stock market regulator, the debt-laden property firm said it has obtained two new credit lines which will allow the group to have the 'necessary liquidity for its operative management'.
The agreement, which Reyal Urbis defined as 'final and binding', restructures two syndicated facilities signed in 2005 and 2006 as well as other loans. Under the deal, the company has postponed the first payment to October 2011. The payments will be due every six months until October 2015.
The company said that the refinancing is aimed at adapting the company's financial structure to the current real estate and lending market conditions.
