Ferrovial to reorganise EUR22.2 billion of debt
Ferrovial CFO, Ernesto Lopez Mozo, reportedly plans to reorganise EUR22.2 billion of the company’s debt by replacing loans with bonds and extending maturity of borrowings, reducing its reliance on funding from banks (Bloomberg, 21-Dec-2009). Approximately 35% of the company’s debt is in bonds. Ferrovial has raised approximately USD2 billion from bond issues over two months.
Ferrovial: “We plan to optimise the financial structure and that involves replacing loans with bonds. We also have the goal of strengthening financial ratios to levels that are equivalent to an investment-grade rating…When financing from capital markets is competitive we will be approaching the markets,” Ernesto Lopez Mozo, CFO. Source: Bloomberg, 21-Dec-2009.