El Corte Inglés, which is the largest department store group in Europe and one of the largest retailers of sports products in Spain, has announced plans to restructure debts of about €5 billion with banks and various other financial institutions in Spain and abroad, taking advantage of the current low interest rates to obtain better conditions and to differentiate the sources of financing. Notably, it is talking to Morgan Stanley and Banco Santander. The Spanish retail group is also considering a possible issue of bonds worth between €500 million and €1 billion, reserved for institutional investors. The company points out that it has equity of €7,450 million and that its real estate assets are worth many times the amount due to be refinanced.

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