Sacyr Plans 8% Repsol Stake Sale to Refinance Debt, Europa Says

Sacyr Vallehermoso SA is close to selling an 8 percent stake in Repsol YPF SA to either China Petroleum & Chemical Corp., known as Sinopec, or to a Latin American company, Europa Press said, citing unidentified people close to the matter.

The deal, which could be closed in the next few days, would allow Sacyr to cancel about half the 4.9 billion-euro ($6.4 billion) loan that financed its 20 percent stake in the oil company, the newswire said.

Sacyr is also seeking to reach an agreement with lenders to refinance the rest of the loan, extending its payment by three years, it said.

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