Basque Aguinaga family resigns from Portland Valderrivas board

The investment company Cartera Deva, controlled by the Basque Aguinaga family, has resigned as member of board of Cementos Portland Valderrivas, a subsidiary of FCC.

The step follows the sale on 4 April of a 5.01 per cent stake of B-1998 by Eurocis, also owned by the Aguinas, to Caixabank. B-1998 is owned by Esther Koplowitz via a 89.65 per cent stake with a further five per cent minority holding by Larranza XXI. B-1998 is the vehicle by which Koplowitz owns about 50 per cent of FCC shares and has indirect control over Cementos Portland Valderrivas. Just under half of FCC shares is owned by Bodegas Faustino, which also has a 5.34 per cent stake in Larranza XXI. Over the past six months, FCC shares have attracted interest from prominent investors. Bill Gates paid EUR113.5m for a 5.7 per cent holding while George Soros acquired a 3.1 per cent stake.

The Eurocis sale follows the agreement to refinance FCC with EUR4.512bn (of a nearly EUR5bn debt), nearly entirely by its current lenders. In line with the agreement, the debt is restructured in two tranches: a commercial loan of EUR3.162bn with an interest rate of three per cent above the benchmark interest rate, rising to four per cent, and the second in the amount of EUR1.35bn with an interest rate of 11 per cent above the benchmark interest rate, rising to 16 per cent. The debt matures in four years, but this term can be extended to six years.