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.