FCC requests waiver on immediate debt payment commitments from banks until June
FCC has requested a waiver on immediate debt commitments until June soon after raising EUR 709m from a capital increase, Expansion reported citing unidentified sources. The company expects to receive in April EUR 83m from the sale of its motorways unit Globalvia, the Spanish-language paper noted.
Financial sources told Expansion that the waiver being sought is linked to debt payments as per covenants related to divestitures.
FCC’s gross debt amounts to EUR 7bn, that generates costs of EUR 550m. Most maturities are due from 2018, but this year FCC faces maturities of around EUR 1.4bn, or 20% of the total, according to the report. The total includes debt linked to its cement division Portland Valderrivas, which is itself in talks to refinance a EUR 822m syndicated loan before June, the paper said.
According to the report’s sources, FCC’s key lenders are six of Spain's largest banks and negotiations are led by BBVA.
FCC is the target of a EUR 7.6 per share takeover bid from the Mexican investor Carlos Slim via his vehicle Inversora Carso, that holds a 37% stake in the group. Slim intends to delist Portland Valderrivas with a EUR 6 per share offer to minority shareholders.
In a separate item Expansion said that FCC is also analysing the value of assets for disposal. FCC owns several motorway concessions it could sell if an attractive offer arose, the report said. FCC also holds real estate assets worth EUR 328m and has yet to decide if it sells its 37% stake in the Spanish real estate company Realia, also the target of a take over bid from Slim.
Expansion