Reyal Urbis to mull refinancing on Weds-source
MADRID, Oct 7 (Reuters) - Spanish property firm Reyal Urbis (REYU.MC) will discuss a proposal to creditor banks to refinance a syndicated loan of 2.838 billion euros ($3.86 billion) at a board meeting on Wednesday, a source close to the board said on Tuesday.
A banking source added that a deal to refinance the debt had yet to be closed, but said "it seems to be on the right track."
Like other Spanish real estate companies, Reyal Urbis is under mounting pressure to meet growing debt payments as its revenues shrink and asset values drop in Spain's property crisis.
Reyal Urbis has been one of Spain's largest developers since it arose from the merger of Urbis and Reyal in 2007, and said it had net debt of 5.516 billion euros when it reported first-half results in August.
The group needs the unanimous approval of its creditors to close a deal, but said at the end of August it had obtained a waiver on debt payments until talks were concluded.
Some 80 percent of Reyal Urbis's sales come from the sale of residential properties and land -- a market that has slowed almost to halt in some parts of the country after a decade-long property boom cooled at the end of last year. (Reporting by Andres Gonzalez; Writing by Martin Roberts; Editing by Paul Bolding)
