January 15, 2015 / 8:04 AM / in 3 years

Spain's Sacyr close to deal with banks on Repsol debt -report

MADRID, Jan 15 (Reuters) - Spanish builder Sacyr is close to an agreement with banks on restructuring some 2.2 billion euros ($2.6 billion) of debt associated with its 9 percent Repsol stake, El Confidencial reported citing financial sources.

The agreement includes extending the debt’s maturity by at least four years in exchange for renewing guarantees against its Testa and Valoriza arms, and a commitment to sell a third of the Repsol stake once the shares recover, the newspaper said.

The Spanish oil company’s shares have fallen sharply in recent months amid tumbling oil prices and its plans to acquire Canadian oil producer Talisman Energy.

According to the report, Sacyr is about to finalise an agreement with Santander, which holds about a quarter of the group’s debt, and is likely to see acceptance from the minimum 75 percent of lenders needed to close the deal.

Sacyr declined to comment. Santander was not immediately available for comment.

$1 = 0.8493 euros Reporting by Andres Gonzalez and Jesus Aguado; writing by Paul Day; editing by David Clarke

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