Aug 1, 2017   SOURCE: BusinessWire

Graña y Montero Closes Agreement With Peruvian Banks to Obtain a Credit Line for US$ 262.1 million

Graña y Montero S.A.A. (NYSE:GRAM) (BVL:GRAMONC1) (“the Company” or “Graña y Montero”) a leading Engineering and Construction company, announced today it signed an agreement with five banks (Banco de Crédito del Perú, Scotiabank, Interbank, Citibank Peru and BBVA) to provide a US $ 162.1 million credit line to GyM, the construction company of the Group, and an additional line of US$ 100 million in order to develop future projects of the company.

Luis Díaz Olivero, Chief Executive Officer, said: "With this agreement, the Group strengthens the working capital of the construction company and guarantees the financial solvency of the company for the execution of our backlog."

It is worth mentioning that on June 27, 2017, the Group managed to close all of its agreements with the financial creditors of the Peruvian Southern Gas Pipeline project (GSP), establishing payment deadlines for the debt of GSP until 2020.

Diaz emphasized that "with the important agreement signed today, we have successfully completed a stage of financing negotiations with both national and international banks, which reaffirms the confidence of financial institutions in the future of Graña y Montero Group."