07/06/2018

Sareb amortises €857 million of its senior debt

Sareb amortises €857 million of its senior debt

Sareb's Board of Directors has approved an extraordinary debt repayment of €857 million. This transaction, completed with the net cash generated by the business, has taken the debt cancelled in the company's first five years to €12,875 million.

After it was founded in 2012, Sareb issued Treasury-backed debt to the value of €50,800 million in order to acquire the assets transferred to it from the nine banks that had been bailed out by the Spanish government. To date, the company has reduced its debt by 25.4% to €37,875 million.

In the first five years since its founding, Sareb has obtained €20,700 million in revenue and reduced its portfolio by €13,602 million, almost 27%.