Madrid-headquartered fashion retailer Tendam has agreed a €132.5 million credit facility with a syndicate including Banco Santander, the Official Credit Institute of Spain (ICO), BBVA, CaixaBank, Société Générale, Bankia, Banco Sabadell and Crédit Agricole.
Tendam operates through the Cortefiel, Pedro del Hierro, Springfield, Women’secret and Fifty brands.
The arrangement consists of a €122.5 million syndicated loan plus a further €10 million bilateral credit agreement.
Linklaters advised Tendam on the agreement.
A Tendam statement said: At the end of February – coinciding with end of the Group’s financial year 2019/20 – Tendam was in a solid financial position, with its lowest level of borrowing for 15 years. Even with all its stores closed for two months, the company has made up the difference in salary for all its furloughed staff in March and April, as well as granting almost 2,000 zero-interest loans to employees, to provide for possible delays in payments from the State Employment Service (SEPE).”
Tendam chairman and CEO Jaume Miquel, said: “We entered this unprecedented crisis with a solid financial position, which has allowed us to provide firm support for all our partners during this particularly difficult time as well as providing support through charity. This additional credit confirms the trust that financial institutions have in Tendam and protect the business activity from the negative impact caused by Covid- 19.”