Spanish retailer El Corte Inglés has announced that it has signed a new financing contract worth €1.3 billion with 14 national and international financial entities.
The contract has a one-year maturity articulated through a revolving line of credit, the company added.
It will help the company in facing the economic impact of the coronavirus epidemic in the coming months.
The new deal, piloted by CEO Víctor del Pozo, will ensure stable short-term financing without the provision of guarantees.
The financial institutes that have participated in the agreement include Santander, BBVA, Caixabank, Sabadell, Bankia, BNP, Crédit Agricole, Société Genérale, Goldman Sachs, KutxaBank, Commerzbank, Ibercaja , Liberbank and Cecabank.
This financing contract complements a €2 billion refinancing agreement signed by the retailer in February of this year.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
