Spanish cement group Cementos Portland Valderrivas and its 78% shareholder FCC have begun talks with lenders to refinance a EUR 958m loan that matures in 2016, reported Expansion, citing financial sources.
Portland faces a EUR 50m payment on the loan before 30 June, the Spanish-language paper said.
The steering committee includes BBVA, Banco Santander, La Caixa, Credit Agricole, Kutxabank and Banco Sabadell. KPMG will carry out an independent auditor's report on the business, the paper added.
Around EUR 300m of the debt has been acquired by firms such as Apollo, GSO and Avenue Capital, among others. The paper had no details on the banks that have sold the debt.
In 2012, Portland signed a EUR1.2bn loan with over 20 banks, led by BBVA, Santander and Banco Sabadell.
Portland's 1Q14 sales were down 8.6% YoY to EUR 111m while its EBITDA was up 117% to EUR 15.6m and it posted a loss of EUR 24.3m. The company is also open to a merger, as reported.
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