×
273
Fashion Jobs
H&M
Visual Merchandising Manager - Sylvia Park
Permanent · AUCKLAND
LOVISA
Regional Manager
Permanent ·
ESTEE LAUDER
bb/cl/el/jm/lm/Mac/tf - Freelance Consultant - Auckland - on-Call/Freelance
Permanent · Auckland
ADIDAS
Store Manager, Adidas Westgate Factory Outlet
Permanent · AUCKLAND
PUMA
Holiday Casual Sales Associates - te Rapa
Permanent · HAMILTON
UNDER ARMOUR
Store Manager - Amazon - Glenfield
Permanent · AUCKLAND
H&M
Department Manager - Sylvia Park
Permanent · AUCKLAND
H&M
Department Manager - Wellington
Permanent · LOWER HUTT
H&M
28hr pt Sales Advisor - Flagship Store Commercial Bay
Permanent · AUCKLAND
H&M
Department Manager - Riccarton
Permanent · CHRISTCHURCH
PUMA
Retail Supervisor - Onehunga
Permanent · AUCKLAND
PUMA
Sales Associate - Onehunga
Permanent · AUCKLAND
PUMA
Holiday Casual Sales Associates - Onehunga
Permanent · AUCKLAND
PUMA
Holiday Casual Sales Associates - Hornby
Permanent · CHRISTCHURCH
ADIDAS
Retail Professional (Part Time) - Adidas Newmarket Bcs
Permanent · AUCKLAND
ADIDAS
Expressions of Interest (Retail Professionals) - Adidas Auckland Airport re-Opening
Permanent · AUCKLAND
ADIDAS
Retail Professional (Part Time) - Adidas Hornby
Permanent · CHRISTCHURCH
ADIDAS
3ic - Adidas Hornby FO
Permanent · CHRISTCHURCH
ADIDAS
Retail Professional (Part Time) - Adidas Britomart Ocs
Permanent · AUCKLAND
ADIDAS
Assistant Store Manager - Adidas Newmarket Bcs
Permanent · AUCKLAND
ADIDAS
Casual Retail Professional - Adidas Onehunga FO (Christmas)
Permanent · AUCKLAND
ADIDAS
Casual Retail Professional - Adidas Westgate FO (Christmas)
Permanent · AUCKLAND
Translated by
Nicola Mira
Published
Oct 7, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Tendam begins refinancing €540 million bond debt after growing 12% in H1

Translated by
Nicola Mira
Published
Oct 7, 2022

Spanish fashion group Tendam, owner of brands like Cortefiel and Women’Secret, has started refinancing its €540 million bond debt. The first step is a new bond issue for a maximum of €300 million on the Luxembourg Stock Exchange.


Cortefiel owner Tendam has started refinancing its €540 million bond debt


The new bonds, maturing in 2028, are expected to start trading on October 14, according to Spanish business daily Cinco Días, which added that the interest rate will be defined in the coming days, at the bond issue’s presentation to interested investors.

The operation is designed to refinance the €540 million bond debt that Tendam currently has on the market, maturing in 2024. With the new issue worth up to €300 million, coverage of the outstanding €240 million will come from Tendam’s cash assets (the group had liquidity worth €177 million at the end of August), and from a new syndicated loan.

It is worth noting that Tendam's current bond debt is divided into two tranches of €270 million each. They were issued in 2017, when the group’s current owners, the CVC and PAI investment funds, took over the stake held by another investment fund, Permira.

Tendam’s refinancing bid is taking place at a favourable juncture for the group. As of August 31, at the end of H1 of the current fiscal year, Tendam recorded a revenue of €577.4 million, up 12% over H1 2021 and 3% over the same period in 2019.

Comparable sales were up 13% and EBITDA grew by 11.1%, reaching €78.2 million. At the end of H1, the group’s net debt was €62 million below the May figure, and stood at €370.2 million.

With this bond issue, and despite inflationary tensions and rising interest rates, Tendam is seeking to lower its debt, reduce the interest payments required by investors, and improve its standing with a view to a future listing and a possible sale. With these goals in mind, the group also benefited from the improvement in its S&P rating to B+ in February, and the early repayment of its ICO state-backed loan at the start of this year.

 

Copyright © 2022 FashionNetwork.com All rights reserved.