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The Information .com / MADRID, 30 (EUROPA PRESS)
San José Group has entered into agreements to refinance its debt, amounting to 1,600 million euros, with a large majority of its creditors, which involves the transfer of your real estate business of the company to financial institutions.
Specifically, the agreement means that debt amounting to about 743 million euros will be canceled by capitalization in San Jose Real Estate Development, Real Estate division of the group. Thus, creditors will become holders of 100% of the capital of the division.
The agreement was reached with entities representing a percentage greater than 75% of the financial liability and 80% of the value of collateral affected by the agreements, the company said the Comisión Nacional del Mercado de Valores (CNMV).
The agreements, based on a feasibility plan has been favorably reported by both the financial advisor the lenders and by the independent expert appointed by the Commercial Register, is the novation of the syndicated financing agreement signed in April 2009 and a series of bilateral agreements funding.
In particular, the agreements have formalized through the signing of a framework agreement, as well as three contracts independent funding that regulate the three perimeters which has been divided borrowings of the group.
CONTRACTS OF FINANCE.
A first syndicated financing assumed by Constructora San José have a tranche amounting to 250 million euros, maturing in five years renewable for another year, as well as a set of lines including working capital discount, ‘confirming’ and guarantees.
The second syndicated financing agreement shall be an equity loan and will be in the amount of EUR 100 million and a maturity ‘bullet’ five years has been assumed by Group San José as a debtor.
On the other hand, will be held the third syndicated financing amounting to 270 million euros, with a maturity of five years and a schedule of gradual depreciation, which has been assumed by San Jose Real Estate Development as debtor.
San José said that the signing of these agreements “reached in order to refinance the debt of the group, divide it into three separate perimeters debtor societies and the lenders consider assumable based on viability plan prepared and reported favorably by the independent expert, adapting amortization schedules to forecast cash generation and capitalizing on the remaining debt. “
Titles group were up 11,590% in the Stock Exchange session on Tuesday against the imminent closure of an agreement by the company with its banks to refinance its 1,600 million euros of debt.
(EuropaPress)
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