Astroc restructures debt after loan shortfall UPDATE |
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Published
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Thu, 24 May 2007 10:03
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Updates with further details on operation, gives AGM dateMADRID (Thomson Financial) - Astroc Mediterraneo SA said its board has decided to seek shareholder approval at an AGM on June 27 to increase to 415 mln eur from 350 mln a subordinated loan granted to the property company by CV Capital on December 28, 2006.CV Capital is Astroc chairman Enrique Banuelos' investment vehicle.In a statement, Astroc explained the shortfall by noting that it only raised 65 mln eur of an original 165 mln syndicated loan.It said it plans to capitalise the 415 mln eur loan through a capital hike and will call an EGM shortly to propose the operation to shareholders.Yesterday, CV Capital said it has agreed to sell 17.37 pct of Astroc to Nozar at 12.4 eur a share or a total of some 261 mln eur, raising its partner's stake in the property group to 24.9 pct.Nozar will also take on 147 mln eur of subordinated debt as part of the agreement.Astroc noted in today's statement that, in order for other shareholders to maintain their current stakes in the property group, the board will also propose a cash capital hike earmarked for these stakeholders and to which neither Nozar nor CV can subscribe.tfn.europemadrid@thomson.comtg/cl/tg/jdy/tr/ejbCOPYRIGHTCopyright 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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Astroc restructures debt after loan shortfall 