Regional Government grants Saudaçor S.A. guarantee for restructuring of liabilities
The Government of the Azores has approved a guarantee amounting to 65 million Euros to be granted to the public company Saudaçor S.A. for the restructuring of liabilities. The financing is accomplished through the issuance of bonds, which registered considerable success in financial markets.
The credibility and balance of regional public accounts have allowed us to negotiate new conditions that were more advantageous than that currently in force, thus leading to a very significant reduction in the financial costs incurred by the Regional Health Service.
The refinancing of debt will ensure an effective reduction of the spread, which will bring savings of 1.8 million Euros per year in terms of average interest.
This operation once again demonstrates the good and proper management of public funds as well as the credibility and reputation of the Autonomous Region of the Azores in financial markets.