By John Smith • 05 December 2019 • 17:03
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JUST two years after it struck a deal with its lenders, El Corte Inglés is looking to refinance its €2.3 billion debt.
There is no suggestion that this is a panic move, it simply believes that it can reduce interest payments as rates are now much lower and can also raise funds by issuing additional bonds to private investors.
In the end it hopes to move to €1.2 billion in long-term loans and the balance in short term borrowing which can be quickly replaced if needed.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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