Levantina Refinances Corporate Debt

The Levantina Group announced a refinancing of its debt totaling €131.2 million until 2017, according to a report from the Spanish website Focus Piedra.

The agreement reached with financial institutions includes updating the cost of financing with current market conditions, as well as the inclusion of an annual repayment principal.

The new financial framework would not only allow investment in the company, but also reach agreements with other companies for further growth.

As pointed in a news release by the company, the “100% support of financial institutions demonstrates confidence in our strategic plan.” The company also noted the lenders “improved alternatives and amounts of operational funding instruments (documentary credit, leasing, etc.) and increased the flexibility and financial capacity to support future growth.”

Levantina develops a strategic plan every five years, and revises quarterly.

The company has nine production facilities, and last year managed to increase its profitability by 30% with a profit before interest, tax, depreciation and amortization of €37.3 million on sales of €247.7 million, and net profits of €9.9 million.

The natural-stone quarrier-processor reduced its debt from €150 million in 2010 to €131.2 million today.

Get the news of the industry with The EDGE, the twice-monthly e-newsletter from Stone Update. Sign up for your free copy here.

For the latest industry info, check the daily Stone Update Today and our Facebook page.