Astroc cancels 20 pct of 930 mln eur syndicated loan |
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Fri, 13 Jul 2007 10:17
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MADRID (Thomson Financial) - Astroc Mediterraneo SA said it has paid off 188 mln eur, or 20 pct, of the 933 mln eur syndicated loan it signed last December to finance the acquisition of Landscape.In a statement, Astroc CEO Juan Antonio Alcaraz said the move is part of the company's efforts to achieve increased financial stability.'Not only have we reduced debt, but we have also opened the door to improve the company's financial conditions despite current sector uncertainty...proving the market's confidence in Astroc,' Alcaraz said.Astroc's three-way merger with its Rayet Promocion and Landscape units is due to be completed this autumn, with 2008 also seen 'as a year of consolidation,' the company said.tf.TFN-Europe_newsdesk@thomson.comtr/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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