Cuatrecasas advised El Corte Inglés on its new financing agreement through a €1.3 billion revolving credit facility. The transaction was signed with 14 Spanish and international financial institutions: Banco Sabadell, Banco Santander, Bankia, BBVA, BNP, CaixaBank, Cecabank, Commerzbank, Crédit Agricole, Goldman Sachs, Ibercaja, Kutxabank, Liberbank, and Société Générale.
This transaction comes in addition to the financing arranged in February for €2 billion. The negative effects of the current COVID-19 crisis forced El Corte Inglés to halt a large part of its activity, which motivated the company’s decision to open another credit line. The interest rate of this second transaction is the Euribor plus 1.25%, practically double the interest signed in February, precisely due to the current market situation resulting from the coronavirus.