Yalco-Constantinou SA announced the completion of a bank debt restructuring with creditor banks and said that all new bond loans issued were fully covered. The new money will be used to refinance the company’s bank debt.
In an announcement, the company said completion of the plan will help Yalco-Constantinou to transform its short-term debt obligation into medium- and long-term debt and to drastically reduce financial costs and to immediately improve its financial reports.
Yalco-Constantinou issued a fully-secured bond loan worth 18 million euros which was fully covered through a private placement by credit institutions. The four-year bond loan will be used to refinance an existing syndicated bond loan.
The company also issued a five-year fully secured bond loan worth 10,943,274 euros, also covered through a private plamcement by credit institutions.
Yalco issued a five-year convertible bond loan worth 10,200,000 euros. The bond loan will be covered through a private placement and will be used to refinance an existing syndicated loan.
Yalco also completed the sale of its Romanian subsidiary Yalco Romania Srl.
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