The deal shields the Construction sector from risks in the real estate market and provides the construction firm with credit lines for more than 220 million euros
\nThe Sando group of companies has now completed the task of refinancing their debt, reducing the debt by 361.7 million. The new signed agreement which is over a period of five years reduces their liabilities to 704.7 million euros and shields the Construction sector from risks in the real estate market.<\/p>\n
The agreement provides Sando with interest only payments over a period of five years, that is to say, "bullet" financing which comes to an end in 2017, and it supplies credit lines for more than 220 million euros to the Construction firm. Part of this debt has been converted into shareholder debt in order to strengthen the Sando Group of companies\u2019 solvency over the long-term.<\/p>\n
Financial restructuring has been established through a group of banks (bank syndicate) who, in exchange, have received property real estate assets belonging to the company, and with the aid of Deloitte, Clifford Chance and Cuatrecasas auditors.<\/p>\n
This deal provides the Sando group of companies with the necessary financial stability for their viability during the next few years, in accordance with their business plan which is geared towards civil engineering construction projects both in Spain and abroad.<\/p>\n
Sando is a leading international construction company, noted for their technical know-how, solid reputation, Sustainability<\/a> and reliability.<\/p>\n