FCC agrees to sell concessions in Spain as part of EUR 4.5bn banking debt refinancing deal - report (translated)
14 FEB 2017
Fomento de Construcciones y Contratas [BME: FCC] (FCC) will sell some of its concessions in Spain as part of the agreement to refinance EUR 4.5bn in banking debt, Expansion reported on Tuesday (14 February).
According to the report, which cited financial sources, the portfolio of planned divestitures includes FCC’s 34% in the concession company Cedinsa, the 49% stake in Linea 9 of the Barcelona underground (Metro de Barcelona) and its 29% stake in the residential and car park complex Ciudad de la Justicia de Cataluña.
FCC has also agreed to give the banks the second payment it will receive for Globalia, due this month and amounting to about EUR 106m and another payment due for Proactiva of about EUR 15m. In total, FCC could raise more than EUR 120m from the sale of the concessions to cut its bank debt.
FCC declined to comment, the paper said.
FCC’s proposal is backed by 70% of its banks, which include BBVA, Santander, CaixaBank, Bankia and Sabadell.The main aspect of the restructuring is a EUR 1.3bn bond issue underwritten by its water unit Aqualia. Another EUR 2bn will be refinanced at 5-years and with improved terms, according to Expansion.
Línea 9 del Metro de Barcelona reported 2015 revenue of EUR 113m and profit of EUR 23.5m; Cedinsa reported 2015 revenue of EUR 97m, EBITDA of EUR 52m and profit of EUR 22.6m; Ciudad de la Justicia reported revenues of EUR 35.7m and EBITDA of EUR 25.9m.