Controlling shareholder in Spain's FCC reaches deal on debt
MADRID Dec 22 (Reuters) - Majority owner of Spanish construction company FCC Esther Koplowitz, who holds more than 50 percent of its shares, has reached an agreement with lenders to refinance debt associated with her stake.
The deal refinances the debt up to 2018, B 1998, the group through which Koplowitz holds the stake, said in a statement on Sunday. The statement gave no further detail on the refinancing.
The refinanced debt is worth around 900 million euros, according to a source close to deal.
On Friday, Koplowitz had said she had sold 3.8 percent of her stake in the company, raising 72 million euros ($98.43 million), to reduce personal debt.
Last month, heavily-indebted FCC reported a 674.9 million euro loss for the first nine months of the year, with revenues down 10 percent to 5 billion euros as spending on public works in Spain shrank during an economic downturn.
FCC is trying to refinance around 5 billion euros of debt with banks before the end of the year. The builder had net debt of 6.6 billion euros at end-September, down 510 million euros since the end of last year. ($1 = 0.7315 euros) (Reporting by Jose Elias Rodriguez; Writing by Paul Day. Editing by Jane Merriman)
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