Gas Natural-Fenosa to reduce debt and cut investment (Gas Natural-Fenosa ahorrara 12.000 millones en inversiones).

(From El Pais)

Gas Natural's debt rose to 26bn euros yesterday following the granting to the Spanish gas group of a 17bn-euro loan from a syndicate of 10 banks and savings banks, including Banco Santander, ING and Royal Bank of Scotland. The loan follows Gas Natural's acquisition of a 45.3 per cent stake in Spanish electricity utility Union Fenosa, which will result in the creation of Spain's third-largest energy group. Gas Natural has already planned to reduce its total debt to 20bn euros through a 3.5bn-euro capital increase and the sale of a number of assets, including Union Fenosa's 15 per cent holding in ICT group Indra and its 5 per cent stake in oil …