El Corte Ingles secures €2 billion five-year financing agreement

By Sarah Lizee

Olympia, Wash., Feb. 27 – El Corte Ingles SA entered into a €2 billion five-year financing agreement, according to a news release.

The new agreement replaces the previous agreement signed in January 2018 for a maximum amount of €3.65 billion, which has an outstanding balance of €2.05 billion.

The new agreement has two additional one-year extensions and comprises a loan of €900 million and a credit facility of up to €1.1 billion.

The agreement was subscribed by 24 Spanish and international financial institutions, the company said.

The new agreement provides El Corte Ingles with stable long-term funding at a lower cost and without requiring guarantees or collateral.

The agreement includes the possibility of transferring up to €2.5 billion of real estate assets to the new real estate division without triggering early repayment of the debt.

The date of payment of the new financing agreement is Feb. 28.

El Corte Ingles is a Madrid-based department store operator.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.