Why Andalusia engineering and energy company to extend contract
The company Andalusia engineering and renewable energy Abingdon has agreed with its creditors extended by two years the maturity of loans totaling 1,572 million euros, a figure slightly higher than initially expected. According to information submitted to the Commission National del Mercado de Valor’s (CNMV), the maturity of the loans has been extended two years until July 2012 and July 2013.
The deal was signed with a syndicate of 52 banks and international Spanish, led by Blanco Scamander, Society General, Deutsche Bank and Cava Madrid, among others.
Abingdon had a set of loans amounting to nearly EUR 266 million maturing in July 2010, to which were added another 1.266 million due in July 2011. The company had spent several months negotiating with creditors to extend the maturities of the loans, seeking to ensure the necessary funding to address the significant investment is planned in the coming years.
Also, is currently undergoing an ambitious expansion plan in solar and befouls that will take you to invest 4.937 million euros until 2012. Of this investment, the company is still seeking funding to build 10 new thermal power plants in Spain, involving an expenditure of 2,500 million.
Most investment is financed with debt on each project, but to diversify and complete the financing, Abingdon has been very active in recent months in the capital markets and does not rule out even a bag solar power subsidiary.
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