The Spanish construction company
Citi recently announced that FCC was planning to sell its cement division within the next two years. This would be a necessary step in FCC's development as its corporate debt amounts to €1.36 billion, Citi pointed out.
The company also suggested that a quick sale at a reasonable price would be well received by the financial markets.
Citi explained that the company will reach maturity in 2016 and that FCC's non-recurrent debt makes it convenient to sell its cement business at a price of some €216 million. Of FCC's total debt, €807 million include a syndicated loan; €426 million is the debt owed by its US subsidiary, and the rest include a syndicated loan signed out by the parent company.
