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ACS avoids guarantees on its Iberdrola stock after refinancing from SG

MADRID | ACS reported that Société Général has agreed to refinance part of the debt of its 8.25 percent acquisition of Iberdrola. The transaction, signed by ACS’ subsidiary Residencial Montecarmelo, allows to substitute the loan currently held with a syndicate of banks, in which BBVA acted as agent. The operation accounts for €1.6 billion and will leave ACS with a 6.6 percent stake in Iberdrola, that is, ACS will still…