By Carlos Perea
Naturgy Energy Group SA (NTGY.MC) is negotiating with banks to reduce its debt by more than 3 billion euros ($3.45 billion), said a person familiar with the matter.
The Spanish company will use its net cash position of about EUR3.50 billion to repay loans in order to dedicate fewer resources to interest payments, the source said. Naturgy's gross debt currently stands at EUR15.93 billion.
Restructuring of the debt will be completed before year-end, the source said.
In the six first months of 2018, Naturgy had already repaid bank loans amounting to EUR1.70 billion.
Spanish newspaper Expansion first reported Naturgy's plans.
Write to Carlos Perea at firstname.lastname@example.org
(END) Dow Jones Newswires
October 11, 2018 07:45 ET (11:45 GMT)
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