Renta Corporación obtains the support of the financial institutions, who agree to a long term waiver
RENTA CORPORACIÓN OBTAINS THE SUPPORT OF THE FINANCIAL INSTITUTIONS, WHO AGREE TO A LONG TERM WAIVER
Renta Corporación has reached an agreement with the group of financial institutions making up the syndicated loan, according to which they have granted a long term waiver – until the end of 2009 – with respect to certain financial ratios (covenants) specified in the contract, which were set in a very different context from the current market scenario. The parties have agreed to establish new monitoring rules, adjusted and adapted to the current situation, to give the Company the necessary operational and financial stability to carry out its day-to-day business.
In the context of this new monitoring framework, Renta Corporación has committed to a series of commitments, on which the most noteworthy is the reduction of its financial indebtedness to no more than 500 million euros by June 2009, a goal which is fully in line with the strategic policy which the Renta Corporación group is following.
Barcelona, 8 August of 2008 .