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Uralita refinances long term debt

Spanish building materials supplier Uralita said 10 November 2004 that it has refinanced its long term debt by the repayment ahead of schedule of the EUR 525 million syndicated loan signed in June 200…

Spanish building materials supplier Uralita said 10 November 2004 that it has refinanced its long term debt by the repayment ahead of schedule of the EUR 525 million syndicated loan signed in June 2003. The group said the refinancing will cut financial costs by an average of 25% at the same time as diversifying its sources of finance. Uralita said that it has carried out a private placement of US bonds with institutional investors for the sum of USD 152 million; USD 129 million of the bonds are due in 2011 and the remaining USD 23 million become due in 2014. Interest rate and exchange risks associated with the placement have been covered using appropriate instruments, the company said. In addition, Uralita has a USD 170 million revolving credit line, due 2009, which is funded by 11 Spanish and foreign financial institutions.

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