Monday, September 25, 2023

Cuatrecasas, DLA Piper advise on ECI´s €2.6bn refinancing

Cuatrecasas has advised El Corte Inglés on the agreement to refinance its bank debt for a maximum of €2.6 billion with a bank syndicate, advised by DLA Piper


The El Corte Inglés Group has reached an agreement to refinance its bank debt for a maximum aggregate amount of up to €2.6 billion. The contract, which has been signed with the support of more than twenty national and international financial institutions, allows the retail group to improve its current conditions by securing stable financing, with lower costs and longer maturities. In fact, it allows the terms to be extended until March 2027 with the possibility of a one-year extension and an additional year, staggered.

The agreement, which establishes a maximum amount of €2.6 billion, involves the total refinancing of the previous contract signed in February 2020, to which a new tranche of €600 million is added, that will be used to amortise issues in the capital market. The operation is structured as a long-term loan of €919 million and a credit line of up to €1.08 billion.

The refinancing agreement also includes sustainability commitments in line with the Group’s corporate social responsibility strategies. The refinancing agreement is in the form of an investment grade company, although El Corte Inglés has not yet obtained it, which means that the company has the backing of national and international banks.

The banks with which the refinancing agreement has been reached are Santander, BBVA, BNP, Caixabank, Unicredit, Sabadell, Crédit Agricole, Kutxabank, Unicaja Bank, Intesa San Paolo, Société Genérale, Deutsche Bank, Bank of America Merrill Lynch, Goldman Sachs, JP Morgan, Ibercaja, Barclays, Citibank, Banco Cooperativo Español, ICBC and Aresbank.

DLA Piper advised all the banks with a Madrid office Finance & Projects team led by Spain managing partner Jesús Zapata, together with Legal director José Marco Asencio and associate Santiago González.

Cuatrecasas advised El Corte Inglés with a Finance team formed by partner Miguel Cruz Ropero and associate Nuria Burillo.

UniCredit was also represented by its head of Legal & Compliance Silvia Madrid.

- Advertisement -spot_img
- Advertisement -spot_img


Sacyr Concessions Limited instructs Dentons for stake sale of N6 road to Bestinver, advised by PM

The transaction, announced in May, had a total consideration of €45 million, including debt, and closed this month of September after all conditions precedent...

Uría Menéndez advises DFDS on acquisition of FRS Iberia/Maroc

The international ferry company FRS, based in Flensburg, is disassociating itself from the subsidiary FRS Iberia/Maroc. In the future, the ferry lines between Spain...

Ecija guides Revel’s 115m financing round

The round, which consists of a €15 million equity investment and a €100 million structured financing, will allow them to accelerate our growth in...
- Advertisement -spot_img