Inmocemento Lends 320 Million Euros to Subsidiary Realia to Repay 2017 Loan

✦ Meridian Analysis

Inmocemento has signed a €320 million loan agreement with its wholly‑owned subsidiary Realia, the financing being used to extinguish a loan taken out in 2017. The parent company acts as the lender, extending a term facility at a 3.75 % fixed rate that runs to the end of October 2029, while Realia is the borrower that will replace the older debt on its balance sheet. The structure is a classic intra‑group refinancing: the new loan clears the legacy obligation. No price, multiple or detailed covenant package has been disclosed, nor have the advisers or any regulatory clearances been named. According to El Confidencial, Realia is set to absorb the assets of FCyC through a share‑exchange and a capital increase of up to €754 million at €1.08 per share, a move that will substantially boost its equity base. Deal professionals will be looking for the undisclosed terms of the facility – notably the leverage profile, covenant package and any swing‑price features – as well as the identity of the banks or institutional investors that underwrite the loan. The timetable for the capital increase, the exact amount that will be drawn against the new facility and any required antitrust or stock‑exchange approvals have not been made public, and will be key to assessing the ultimate impact on Realia’s capital structure.

Additional sources: Slim concentra en Realia sus inversiones inmobiliarias con la absorción de FCyC · FCC aprueba la salida a Bolsa de su filial Inmocemento por 1.600 millones de euros y casi sin liquidez · Inmocemento multiplica por más de dos su beneficio hasta septiembre, con 274 millones, por extraordinarios

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