El Corte Inglés has completed the placement of senior bonds for an amount of 500 million euros. As explained by the companydemand has exceeded supply by approximately seven times. “The issue will allow the company to diversify its financing sources and the funds will be used for general corporate needs,” according to El Corte Inglés.
The issue, aimed at qualified investors, has been made for seven years with maturity in June 2031. The bonds will accrue an annual coupon of 4.25%. The operation represents the first issue with rating corporate of investment grade by the credit agencies Standard&Poor’s and Fitch.
The operation has been articulated with the support of seven placement banks: Bank of America, BNP Paribas, Crédit Agricole CIB, Deutsche Bank, JP Morgan, Grupo Santander and Société Générale, to which nine other participating entities have been added: Barclays, BBVA, CaixaBank, Citigroup, Goldman Sachs, Intesa Sanpaolo, Kutxabank -Norbolsa, Sabadell and Unicaja-Kenta Capital.
El Corte Inglés has completed a seven-year issue maturing in June 2031
The Spanish department store company increased its turnover by 5.4% in fiscal year 2023 (closed on February 28), up to 16,333 million euros, and reduced its net profit by 480 million euros due to the lack of extraordinary items.
The company, which achieved a record net result of 870 million euros in the previous year (when the extraordinary ones from the sale of part of its business to Mutua Madrileña were computed), recorded a recurring net profit in 2023 that soared to 359 million euros. euros, 73.7% more than in 2022. This is the highest recurring net result since 2009.
The business volume of the retail area stood at 12,845 million euros, which represented an increase of 3.8% compared to the previous year, while the area’s EBITDA rose 11.2%, up to 840 million euros. .
