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FCC completes 438 million euro 3-year syndicated loan

26/03/2012

FCC completes 438 million euro 3-year syndicated loan

  • The syndicate is comprised of 12 banks, further evidencing market support for the Group
FCC completes 438 million euro 3-year syndicated loan

FCC has signed a three-year syndicated loan for 438 million euro. The syndicate is comprised of 12 banks. Banco Santander acted as loan agent, and Santander, BBVA, Caixabank and Bankia as bookrunners.

Under the repayment plan, 10% falls due in April 2014 and another 10% in October 2014; this loan replaces the pre-existing syndicated loan maturing on 28 April 2012.

This loan enables FCC to refinance the bulk of its 2012 maturities and confirms its commitment to reducing debt and diversifying its funding sources. The loan also evidences market support for FCC's financial strategy.

FCC's financial position
At the end of 2011, FCC group's net debt, not counting project finance, amounted to 6.277 billion euro, i.e. down 19% year-on-year.

Of total debt, 66% is at a fixed rate, and 85% is referenced to the euro, which matches the Group's geographical revenue structure; its presence outside Spain, principally in the euro area, now accounts for more than 85% of the total.

FCC obtained 108 million euro in net profit in 2011, after a 301 million euro adjustment at Cementos Portland Valderrivas, on 11.755 billion euro in revenues. International revenues expanded by 13.6% in the last year, which almost entirely offset the slowdown in Spain. In fact, markets outside Spain already account for 52.4% of FCC's total revenues. Revenues expanded the most in America (+48%), Eastern Europe (+16.4%), the UK (+9.2%), and Austria and Germany (+5.1%).