Italian cooperative Coop Alleanza 3.0 has concluded a €560 million loan agreement with leading Italian banks, which is divided into several lines and with long-term maturities.
The refinancing includes a bilateral margin loan agreement with UniCredit, which will mature in 2027, for a total maximum countervalue of €200 million, and a mortgage loan, maturing in 2028, for a total countervalue of €360 million.
The group secured the loan from a pool of lenders consisting of Intesa Sanpaolo, UniCredit, BPER Banca and Banco BPM.
Intesa Sanpaolo (IMI CIB Division) and UniCredit acted as global coordinator on the agreement, with Intesa Sanpaolo acting as the agent bank.
Strategic Plan
The resources obtained will help support the long-term goals set out in Coop Alleanza 3.0's new strategic plan, the group said, which, after the turnaround phase that began in 2018, will include significant investments in the store network and customer offering.
All activities will be geared toward improving the cooperative's core operations and supporting members and territories affected by the difficult economic and social situation, it added.
The loan agreement comes at a time of a general context complicated by tensions with regard to energy costs, the highest inflation rates in the last 40 years and exorbitant increases in raw materials.
According to the general manager of Coop Alleanza 3.0, Milva Carletti, "the financing agreement is an indication of how much the main Italian credit institutions believe in the cooperative's capital solidity and its strategic plan."
© 2022 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.
