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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