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Spain to Seek 1.5 bln Lottery Loan

Source: Bloomberg - Mon 8th Apr 2013
Spain to Seek 1.5 bln Lottery Loan

Spain is seeking to raise a 1.5 billion syndicated loan through the country's state-run lottery operator to help fund the bailouts of regional governments, according to 2 people familiar with the matter.

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The 5-year deal will be part of a 6 billion financing package for Sociedad Estatal Loterias & Apuestas del Estado SA, the people said, who asked not to be identified because the deal is private. Lenders have been asked to respond to the company's loan request by Friday and the transaction is due to complete by the end of the month, the people said.

Loterias may raise the remaining 4.5 billion later this year with a bridge loan that would be refinanced with bonds, said the people.

The financing will contribute to the so-called regional liquidity mechanism, known as FLA, the people said. Spain will lend as much as 23 billion this year in emergency funds to regions in exchange for closer budget supervision, it said in December.

Officials at the Madrid-based company did not immediately return telephone calls seeking comment on the financing.

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