Cuatrecasas advised El Corte Inglés Group on the refinancing of a syndicated bank loan agreement with a pool of national and international financial institutions, including Banco Santander, S.A, which also acted as the agent bank.
The agreement ensures stable funding, with lower rates and longer terms, for an aggregate limit of up to €2.6 billion (the refinancing was structured around a €919 million loan, a line of credit of up to €1.081 billion and an additional €600 million loan), which will be used to repay bond issuances in the capital market. The negotiated agreement followed the Loan Market Association’s standard terms and conditions with an investment-grade company format, and includes sustainability commitments in line with the corporate social responsibility strategies implemented by El Corte Inglés Group.
This refinancing agreement has been signed with the support of the following national and international financial institutions: Aresbank, Banco Bilbao Vizcaya Argentaria, Banco Cooperativo Español, Banco de Sabadell, Banco Santander, Bank of America Europe Designated Activity Company, Barclays Bank Ireland, BNP Paribas, CaixaBank, Citibank Europe, Crédit Agricole Corporate and Investment Bank, Deutsche Bank España, Deutsche Bank Luxembourg, Goldman Sachs Bank USA, Ibercaja Banco, Industrial and Commercial Bank of China (Europe), Intesa Sanpaolo, J.P. Morgan SE, Kutxabank, Socgen Financiaciones Iberia, Société Générale, Unicaja Banco, and UniCredit Bank Austria.
The Cuatrecasas team handling the advisory services was made up of lawyers Miguel Cruz and Nuria Burillo.