Realia has closed a new loan for 320 million euros with its parent company, Inmocemento, with the aim of early repayment of a syndicated loan it had with several financial entities, according to what it has communicated to the National Securities Market Commission (CNMV).
This new financial operation will allow for the cancellation before its maturity of a syndicated loan contracted in April 2017, whose initial maximum amount was 582 million euros and of which 391 million euros of principal were still pending.
The company explains that this loan was signed in a market scenario and with financing needs different from the current ones, and includes a series of obligations, operational limitations, financial restrictions, and formal requirements that, to this day, detract from the agility and efficiency of the ordinary management of the company.
With this internal refinancing, Realia aims to improve its financial structure and simplify procedures and processes, while Inmocemento will use its cash surpluses to obtain a greater return, by lending those funds to its subsidiary at an interest rate of 3.75% until October 31, 2029.
Both Realia and Inmocemento are under the control of the Mexican businessman Carlos Slim, who integrates these companies within the group articulated around the construction company FCC.