Spanish retailer El Corte Inglés has announced that it has signed a new financing contract worth €1.3bn 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 €2bn refinancing agreement signed by the retailer in February of this year.
