Spain: Cementos Portland restructures debt

The refinancing of the EUR825m syndicated loan of cement producer Portland Valderrivas, a Fomento de Construcciones y Contratas (FCC) company, has been completed, reports Spacol.

FCC, the Spanish civil engineering group and main shareholder in Portland, with an 80 per cent stake, offered a 10 per cent trimming to the loan, which matures in July 2016, but the offer was rejected by creditors.

More than 50 per cent of the debt of Portland is now in hands of vulture funds, such as Apollo, Davidson and Avenue, whose return requirements are different than those of traditional banks, but after its recent EUR709m capital hike FCC has set aside some EUR 300m to please creditors.