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08

September

Published at 9:00 am

GRUPO CORTEFIEL HAS SUCCESSFULLY CLOSED THE ISSUANCE OF NOTES FOR 600 MILLION EUROS

– Masaria Investments, S.A.U., the holding company of international apparel retailer Grupo Cortefiel, has successfully closed the issuance of senior secured notes for an aggregate amount of 600 million euros among qualified institutional investors. These notes were issued in two tranches. The first was for 275 million euros in 7-year fixed rate notes (not redeemable for the first two years) with a coupon of 5%, whereas the second tranche was for 325 million euros in 7-year floating rate notes (not redeemable for the first year) with a coupon of Euribor + 525 basis points.

Together with the equity provided by the shareholders, the proceeds from this issuance will be used to repay the current debt of Grupo Cortefiel. Following the transaction, the group’s debt will be reduced by approximately 40%.

“The outstanding result of this issuance reflects the commitment of our quality investors with expertise in retail to a company with a solid management team and bright future. Grupo Cortefiel now has a much stronger financial and operational position, making us exceptionally well placed to focus firmly on meeting our business plan” concluded Jaume Miquel, CEO of Grupo Cortefiel.

European Commission approval

On 6 September, the European Commission approved the acquisition of Grupo Cortefiel by CVC and PAI. Both firms reached an agreement last July to acquire the Spanish retailer.



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