The bank is prepared not whatever the cost to renegotiate the conditions from the 4,850 million debt that asphyxiate the balance of the group Haste, but. The main deserving banks of the company, between which are HSBC and BNP Paribas, like international organizations, and the Caixa, Banesto and Caja Madrid, between the nationals, have demanded to Haste more guarantees to extend the terms of return of the debt.
According to expert sources of the negotiations, the banks have demanded to Haste that reinforces its capital, like inescapable previous condition for, first, proroguing the credit bridge of 1,950 million Euros, that overcomes the next March, and also to refinance the rest of the debt of the group. Haste already has prorogued the amortization of this credit, that it had determined the term initial of victory the 21 of 2008 July. In this sense, Spanish banks and BNP would already have been inclined to accept refinancing with these conditions.
More guarantees
In addition, according to it consists in the information that accompanied the call by its last meeting of shareholders, Haste has guaranteed with his branchs the Country, Santillana, Union Radio and Capital Average the syndicated credit of 1,950 million Euros, that served to him to finance the takeover on the 100% of its Sogecable branch.
The recapitalización quickly can suppose the entrance in its shareholders of “excellent partners, without the reference partners lose the majority control” of the communications group, according to confirmed October the advisor delegated quickly the past, Juan Luis Cebrian, as he had advanced EXPANSION the past 26 of September.
The operation can dilute the participation of the Polanco family and his partner, Francisco Perez, from 70% that he controls at present, “to 58% or 55%, at the most”, according to declared then Cebrián. In order to achieve this objective, Haste obtained in its last meeting, held the past 5 of December, the authorization of its shareholders to use “anyone of the financial instruments of the market” to catch up to 2,000 million Euros, that can include convertible bonds, warrants and entered of subordinated capital.
The plans of Cebrián happened to have ready the plan of refinancing before 2008 finished, with the aim of reducing the indebtedness, from present the 6.5 times the gross result of operation (ebitda) of the group to three times ebitda. So far, it has not been able, nevertheless, to close an agreement, as they demand his creditors.
Search
Paralelamente to the possible emission of debt, complicated by the situation of the financial markets, the company quickly looks for a partner who injects resources, in the capital or branchs like Santillana, Union Radio and the Country, like capitalization alternative.
Practically discarded a possible exchange of debt by action, before the little disposition of the banks to enter the capital of the group, Haste looks for it go to its partners. People in charge of the company have maintained contacts with risk capital bottoms, between which are KKR, Texas Pacific Group and Blackstone, without it reached no agreement. In addition, according to some sources, the conversations have extended the Mexican tycoon Carlos Slim, proprietor of the giant of the Telmex telecommunications, that recently has injected 250 million dollars in the publishing company of The New York Times.
Haste, that has suspended to east year the payment of the dividend, since it for the first time began to quote, in the year 2000, also maintains the negotiations open to sell its platform of payment, Digitalis +, to Vivendi and Telefónica. So far, important differences of valuation prevent the agreement.