Spanish retailer Eroski has reached an agreement with its 23 existing lenders to restructure its debt into a single short-term loan of EUR1.7bn (US$2.4bn).
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The loan will mature in January 2014, the company said in a statement to Spain’s Comisión Nacional del Mercado de Valores (CNMV).
The retailer said that the move would strengthen its financial position and provide the stability necessary for the development of the business.
Eroski said that the agreement provided it with the capital necessary for its future expansion plans. However, the group is continuing with its debt reduction drive through the sale of non-core assets.
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