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La Seda: Refinancing scheme close to completion

La Seda de Barcelona (Barcelona / Spain; www.laseda.es) has reached agreement with over 75% of its creditors to back the Lock-up Agreement needed for compliance with the UK Scheme of Arrangement. This allows renegotiation of debt with the support of 75% of lenders, rather than the 100% Spain requires. La Seda is seeking to restructure EUR 600m of debt by converting EUR 150m into equity, extending the maturity of EUR 250m by eight years and the remaining EUR 200m by five years.

Granting of the Lock-up Agreement is expected to release project finance for the new PTA line in Sines / Portugal.

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