Spanish property company Colonial said on Friday that the stock market regulator CNMV has approved a plan by the company to issue convertible bonds worth EUR 1.43 bn to reduce the group's net financial debt by up to 16%. Colonial said shareholders will have an option to buy the bonds until December 20, after which the company's creditor banks will purchase the unsubscribed bonds for a maximum of EUR 1.3 bn. The banks are Goldman Sachs, Eurohypo, Calyon and Royal Bank of Scotland as well as Banco Popular and La Caixa.
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