Abengoa Loans Said to Fail to Draw Buyers Even at 60% Discount
- Bank of America, Citigroup said among banks seeking to sell
- Moody's said risk of credit rating downgrade has increased
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Banks are struggling to sell Abengoa SA’s loans even at a 60 percent discount to face value, according to two people familiar with the matter.
Lenders including Bank of America Corp. and Citigroup Inc. have sought to sell parts of the Spanish renewable energy company’s 1.4 billion-euro credit facility since the beginning of August, said the people, who asked not to be identified because they’re not authorized to speak about it. A portion of the facility offered at 40 cents on the euro failed to sell at an auction last week, they said.