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Cementos Portland Valderrivas signs the financing of the Lemona take-over bid.

22/02/2006

Cementos Portland Valderrivas signs the financing of the Lemona take-over bid.

Cementos Portland Valderrivas has closed an outside finance deal today for the take-over bid launched upon the total capital of Cementos Lemona and, which, yesterday, (according to confirmation by the CNMV - National Stock Market Commission) reached the amount of 96,06% of the Basque company's share capital. According to this, Cementos Portland Valderrivas's final investment would amount to over 234 million euros.

The finance system agreed upon has been divided into two parts: A five-year syndicated loan of 150 million euros and an overdraft of up to 60 million euros. Bilbao Bizkaia Kutxa (BBK) has acted as the lending bank for this finance plan which may reach, as such, some 210 million euros. The cement company which is part of the FCC group will finance part of the Lemona purchase out of its treasury funds.

BBK, the BBVA bank and Banco Sabadell act as guarantors of the syndicated loan in which Banesto and La Caixa also participate.

According to the agreement signed today, the loan will be amortized by its due date ('Bullet'); that is, by 2011.

Cementos Portland Valderrivas has ended 2005 with a turnover amounting to 978.4 million euros, 10,3% up on the previous year. The gross operating result (EBITDA) amounting to 312,3 million euros rose by 15,8% in comparison to 2004; while net profits grew by 7,8% to the amount of 137,1 million euros.