Tendam makes early repayment in full on €132.5m ICO loan granted in 2020

31 / January / 2022

Tendam makes early repayment in full on €132.5m ICO loan granted in 2020

31 / January / 2022

Tendam’s robust post-Covid recovery, its solid cash position and positive outlook triggered its decision to repay the ICO loan in its entirety.

Tendam, one of Europe’s leading omni-channel fashion retailers, announces today the full repayment of the loan granted by Spain’s Official Credit Institute (ICO) in May of 2020. The funding was structured as a €122.5m syndicated loan and €10m in bilateral credit. Banks that participated in the financing alongside ICO include Banco Santander, BBVA, CaixaBank, Société Générale, Bankia, Banco Sabadell and Crédit Agricole. Tendam has already communicated to ICO and the other participating financial institutions its decision to pay down the loan, to be completed in February.

The repayment of this line of credit, four years before maturity, is fuelled by Tendam’s outstanding operational and financial performance, its cash-generation capability and its robust liquidity.

Tendam Chairman and CEO Jaume Miquel said: “The full repayment of our ICO loan is the natural consequence of the group’s positive financial performance across the business and is in line with our determination to continuously improve our financial metrics”.

Last week, Tendam announced its Q3 (September-November) 2021-22 financial year results with total revenues standing at €258.8 million, up 31.3% versus the same period in 2020 and outperforming the sales figure for Q3 2019 by €2.5 million. Like-for-like sales between September and November were up 26.5% versus the same period in 2020 and 5.7% versus Q3 2019. In the first nine months of 2021 (March-November), like-for-like sales grew by 22.2% versus 2020 and 0.7% versus 2019. Adjusted EBITDA for the Q3 totalled €63.5m, up 78.3% versus the same period of 2020 and up 2.2% against 2019’s figures.

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