Renta Corporación secures reduced Eu254m refi deal

Renta Corporación, the Spanish property group, has refinanced a Eu500m syndicated loan signed in February 2007. Lenders agreed to waive Renta’s covenants last August, and a refinancing — dependent on the borrower reducing its debt via asset sales — was expected to be finalised in October. But the worsening of Europe’s property market lengthened the process.

  • 03 Mar 2009

The agreement means Renta’s facility has been reduced to Eu254m. Its Eu62.5m of bilateral facilities remain in place, however.

The new deal, which has a seven year tenor, was led by Banco Popular, BBVA and Santander.

Fourteen other lenders also committed.

The borrower will not have to make any amortisations until ...

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1 Bank of America Merrill Lynch (BAML) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

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3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%