Caixa Galicia is covering 80 per cent of the total being lent to Pescanova. (Photo: Lia Russo)

Galician banks issue EUR 357 mln to Pescanova

SPAIN
Monday, March 22, 2010, 23:50 (GMT + 9)

Caixa Galicia and Caixanova lent the Galician multinational Pescanova EUR 357.45 million during 2009. Caixa Galicia was the largest moneylender, with EUR 282 million, or 80 per cent of the total.

The president of Pescanova, Manuel Fernandez de Sousa, expressed his endorsement of the banks merger proposed by the Xunta de Galicia and did not hide that both banks have raised capital for the multinational.

The funds received from the banks was allocated to the operations of seven of the group’s companies: Bajamar, Hasenosa, Insuina, Nova Austral, Pescafresca, Pescanova and Pescanova Portugal.

The transactions were mentioned in the report that Pescanova sent to the National Securities and Exchange Commission (CNMV) with a breakdown of the figures.

The most significant credit granted by Caixa Galicia was of EUR 165.7 million for the head office.

Just behing is the EUR 51 million contribution made through Lico Leasing, a firm of which 40 Spanish savings banks own shares.

Meanwhile, the credits that Pescanova received from Caixanova in 2009 tallied EUR 75.45 million.

This money served to finance as much Pescanova as its subsidiaries Frigodis, Frinova, Frivipesca, Hasenosa, Insuina, Pesca Chile and Pescafina.

Caixanova owns 5.13 per cent of the shares of the Pescanova group, whereas Caixa Galicia, through its industrial corporation, has 20 per cent.

“For them, I only have praise,” Fernandez Sousa said, referring to both financing banks.

Last year, the financial debt of the group reached EUR 748 million, which translates into a cut of 8 per cent of the figures presented a year before, El Pais reports.

Long-term obligations, which were reduced by 22 per cent, represent almost 60 per cent of the group’s global debt.

In other news, the multinational finalised the issuance of convertible bonds in shares worth 110 EUR million in only 10 days.

Related article:

- Pescanova issues convertible bonds worth EUR 110 mln

By Analia Murias
[email protected]
www.seafood.media

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