Copisa Transfers Land Worth of €120 Mn to Banks

21/07/2014 – ExpansionPro

Copisa is at the verge of nailing the deal with the lenders to refinance its €450 million debt. After many months of tough negotiations, the Catalonian builder has reached an agreement on handing over to Santander, Popular, CaixaBank and Sabadell (in global terms also BBVA, Bankia, Catalunya Banc, Bankinter, Barclays, Ceiss and Abanca will have their shares) its real estate assets valued at €120 million. The swap mostly involves construction land.

For instance, among the plots to be transferred, noteworthy is a housing development in Ronda, Malaga, going into hands of Popular that financed the project.

In parallel, another project-linked €30 million will be separated in order to prevent it from further money consumption. Copisa´s lenders are considering refinancing €110 million of the indebtness with a new loan for four years. The remaining €120 million in the red will be covered by a shareholder loan. Finally, the banks will inject €40 million of fresh equity.

 

Original article: ExpansiónPro (by S. Saborit, 19 de Julio 2014, pp 8)

Translation: AURA REE

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