Cuatrecasas advises El Corte Inglés on bond issue worth €600 million

Cuatrecasas advises El Corte Inglés on bond issue worth €600 million

Cuatrecasas advises El Corte Inglés on bond issue worth €600 million
October 1, 2020

Cuatrecasas advised El Corte Inglés on placing senior bonds worth €600 million for a term of three and a half years. Following the heavy demand, four times greater than the offer, the company raised its initial issue from €400 to €600 million, and the bonds will pay an annual coupon of 3.625%.

Investors include the European Central Bank, which has acquired a position of €200 million, after considering the distribution chain eligible for its purchase program.

The issue has been rated investment grade BBB- by Standard & Poor's, Ba1 by Moody's and BB+ by Fitch.

The Cuatrecasas team that advised El Corte Inglés was made up of Miguel Cruz and Nuria Burillo. Bank of America Merrill Lynch was the global coordinator and underwriter for the issue, with El Corte Inglés’ main banks participating as active bookrunners and bookrunners (BBVABanco de SabadellBanco de SantanderBankiaBNP ParibasCaixaBankGoldman SachsCrédit Agricole CIBIntesa SanpaoloJP MorganSociété Générale and UniCredit Bank).

El Corte Inglés will use the funds obtained with the placement to strengthen its liquidity, and to manage general corporate needs including repaying debt.

October 1, 2020