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Caja Madrid refinances 3.9 bln eur of debt

Source: Reuters - Sat 20th Nov 2010

Spanish savings bank Caja Madrid said on Friday it has made a series of bond issues for a total of more than 3.916 billion euros to refinance debt maturing in 2012 and 2013.

The operation is part of a debt refinancing agreement announced by the Spain's second-largest savings bank at the beginning of November.

Caja Madrid and six other regional savings banks are in the process of completing an Institutional Protection Scheme (SIP), where they will merge certain assets but each retain their legal identity.

The new merged entity will be the third-largest banking group in Spain after a government-driven consolidation process cuts the 45 savings banks to fewer than 20.

Caja Madrid said at the beginning of November it would offer bondholders the chance to refinance debt.

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