MADRID (Reuters) - Spanish builder Sacyr (MC:SCYR) said late on Friday that it had reached agreement with 80 percent of creditors on a 2.2 billion euro ($2.5 billion) debt refinancing backed by its 9.5 percent stake in oil major Repsol (MC:REP).
Under Spanish law, refinancing deals can be pushed through once more than 75 percent of creditors are on board. The syndicated loan, taken out to fund the Repsol stake purchase in 2006, will be extended by three years, Sacyr said in a statement to the stock exchange.
Sacyr is still in talks with the remaining creditors to reach full agreement on the deal, it said.
Sacyr bought the Repsol stake in 2006 in a debt-fuelled move to diversify its business away from construction before Spain's building boom collapsed. It largely services the debt with dividend payments from the oil company.
($1 = 0.8923 euros)