Sareb Redeems €182 Mln On Rectifying a Contract With NCG

8/07/2014 – Expansion

The Management Company for Assets Arising from the Banking Sector Reorganization (or Sareb) has amortized senior debt equal to €182 million after intruducing an amendment in the asset transfer contract with Novagalicia Banco, according to the information provided by the “bad bank” to the National Stock Exchange Commission (the CMNV).

On july 1st, Sareb and NCG Banco rectified the asset transfer agreement first signed in 2012 and modified on 25th February 2013. The asset value reached €182 million.

On Monday, the “bad bank” implemented the correction through an anticipated, partial repayment of senior bonds. Moreover, the asset value has been amplified with coupons due before July 1st.

The coupon amount was calculated basing on effective value of each bond series with an interest rate of their renumeration (to compensate the divestment to Sareb“.


Original article: Expansión

Translation: AURA REE