|Aldesa successfully closes the extension of its long-term bank financing
Thursday, July 29, 2010
Grupo Aldesa signed today an extension contract of its long-term bank financing for an amount totalling 260 million euros. The operation is part of the company's financial policy to maintain covered its long-term financing needs.
The operation, which has been led by Banco Sabadell, Banesto and Caja Madrid, has had the participation of Bancaja, BBVA, Banco Popular, Banco Santander, Caixa Catalunya, Caixa Galicia, Caixanova, Caja de Ahorros del Mediterráneo and La Caixa.
The formalized syndicated financing has a term of five years, with the first amortization in January 2012.
Given the current complexity if the market, the signing of the syndication is a great success and demonstrates the company relies on the financial institutions? support.
Grupo Aldesa is one of the ten largest construction groups in Spain, which also operates in the areas of concessions, renewable energy and engineering services. In 2009 the net turnover amounted to 1,003 million euros, an EBITDA of 107 million euros, representing a return of 10.6%. Over 55% of the company's EBITDA was generated by diversification activities and the building outside Spain. In 2010, the Group maintains Aldesa organizational focus on increasing profitability and cash generation.