July 25, 2012 / 10:14 AM / 5 years ago

RLPC-Spain's lottery seeks 6bln euro loan for government fund

LONDON, July 25 (Reuters) - Spain’s national lottery has asked international banks for proposals on a 6 billion euro ($7.25 billion) syndicated loan to finance its contribution to an 18 billion euro government fund that will ease Spain’s cash-strapped regions’ finances, bankers said.

The 18 billion euro fund was announced by the Spanish government in mid July as Spain’s regions struggled to manage their finances. The rest of the fund will be provided by the Spanish Treasury.

“The national lottery is trying to raise money for the regions,” a senior banker said.

Spain’s regions are facing a funding crisis with billions of euros of maturing debt falling due as they remain shut out of the international capital markets and Spain teeters on the brink of an international bailout. ($1 = 0.8275 euros) (Reporting by Tessa Walsh. Editing by Jane Merriman)

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