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.
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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