Culmia has formalised the refinancing of €100 million in corporate debt through a syndicated loan signed with five Spanish financial institutions. The transaction allows for the full cancellation of a previous €153.8 million loan, which was due to mature in 2025, and adjusts the debt profile to the company's business horizon.
The new loan has an initial term of three years, with the possibility of extending it for an additional year. According to the company, this structure provides a stable financing framework for the development of its activity in the coming years.
The financing is structured as a syndicated loan and is intended to cover Culmia's ordinary activities in its various lines of business, which include residential development for sale, rental, affordable housing, and land management and development in various urban developments in Spain.
In parallel with the new operation, the company has repaid the remaining balance of the previous loan with its own resources. This combination of repayment and debt cancellation has led to an additional reduction in financial leverage. The syndicated loan was coordinated by BBVA and Banco Santander, with the participation of Banco Sabadell, Kutxabank and Bankinter.
Juan Carlos Urbano, Culmia's chief financial officer, pointed out that the new corporate financing allows the company to align its financial structure with its strategy and the visibility of its project pipeline.
