The company is redeeming €110 million in outstanding Notes before maturity. Following the partial redemption in October 2023, this transaction represents the redemption in full of the €300 million issuance of Floating Rate Senior Secured Notes due in 2028 completed in October 2022
Tendam will finance the redemption using available cash on balance sheet and a €90 million green loan
Using its own cash reserves, the company is also bringing forward the payment of €30 million on the green loan signed in 2023
In comparison with its 2022 financial structure, Tendam has generated savings of €18.7 million in interest payments and cut its cost of debt by 40%
Tendam Brands, one of Europe’s leading omnichannel fashion retailers and the second largest operator in the Spanish market by market share [1], has completed the redemption of €110 million in outstanding Floating Rate Senior Secured Notes four years before maturity. Following a previous redemption of €190 million in October 2023, this transaction will result in the full, early redemption of the €300 million issuance of Floating Rate Senior Secured Notes due in 2028 completed in October 2022.
The current €110 million redemption has been delivered via a two-part strategy: the provision of funds from the company’s own cash reserves and a green loan totalling €90 million linked to sustainability targets, which was signed on 12 March 2024.
The green loan, due in 2029, is the third of its kind secured by Tendam and builds on the Group’s sound sustainability strategy. It was underwritten by BBVA, Caixabank, Crédit Agricole, Sabadell and Intesa Sanpaolo, all leading Spanish and international financial institutions. The transaction is an endorsement of the financial community’s confidence in Tendam’s performance.
Using its own cash reserves, the company is also bringing forward the payment of €30 million on the green loan signed in July 2023.
In comparison with its 2022 financial structure, Tendam has generated savings of €18.7 million in interest payments and cut its cost of debt by 40%.
The transaction evidences Tendam’s current strong performance and cash-generating capacity, and puts it in a strong financial position to continue to deliver on its roadmap and growth strategy.
[1] Tendam is Spain’s second largest specialist fashion retailer by market share. Source: Kantar.
