June 25, 2019 / 8:36 PM / 5 months ago

UPDATE 1-Spain's DIA announces new financing plan with creditors

(Adds details)

MADRID June 25 (Reuters) - Spain’s struggling supermarket chain DIA reached a new deal with its creditors, the company said in a statement on Tuesday.

DIA said it would propose raising the planned capital increase from 500 million euros ($569 million) to 600 million euros at the upcoming AGM.

The company’s biggest shareholder, investment fund LetterOne, will inject 490 million euros into DIA through a participating loan, which will be repaid to LetterOne with the proceeds of the capital increase, DIA said.

The new financing, which extends maturities to 2020 and 2021, will include credit lines for 280 million euros.

DIA will also refinance 900 million euros of a syndicated loan and obtain new financing for 280 million euros from its creditors. ($1 = 0.8795 euro) (Reporting by Sam Edwards; Editing by Susan Thomas and Jonathan Oatis)

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