Actividades de Construccion y Servicios (ACS) has acquired a new loan from a group of 27 banks, The Wall Street Journal reports. A unit of the Spanish builder, Residencial Monte Carmelo, has received the $2.83 billion three-year financing deal.
The deal will renew a previous loan used to buy part of ACS’ stake in Iberdrola. Residencial Monte Carmelo, which is 100% owned by ACS, has a 6.58% stake in Iberdrola, while ACS owns 20.2% of the Spanish utility.
Click here for the story from The Wall Street Journal.