El Corte Inglés completes 500 million euro debt issuance
According to details provided by the Spanish company's management, the transaction received support from seven prominent placing entities, encompassing both Spanish and international financial institutions. These included Barclays, BBVA, BofA Securities, Caixa Bank, Citi, Goldman Sachs, and J.P. Morgan. An additional nine entities also participated in this financial endeavor: Banco Sabadell, BNP Paribas, Crédit Agricole, Deutsche Bank, Intesa SanPaolo, Kutxabank, Banco Santander, Société Générale, and Unicaja. Legal advisory services for the operation were provided by Linklaters and Allen&Overy Shearman.
Aimed at qualified investors, this marks the second debt issuance undertaken by the company, chaired by Marta Álvarez, since it received an 'Investment Grade' credit rating from the debt rating agency S&P in June 2024. This enhanced credit status appears to have significantly contributed to the strong demand for the bonds, with subscriptions exceeding the available supply by approximately nine times, as emphasised by El Corte Inglés management. The 500 million euro bonds will yield an annual interest of 3.5 percent for their holders and have been issued with an eight-year maturity, set for July 2033.
Regarding the strategic purpose of this debt placement, El Corte Inglés stated that the issuance will enable the company to diversify its financing sources. The new funds, now added to its balance sheets and accounts, are designated for 'general corporate needs,' without specific mention of any particular project or strategic initiative for their deployment. This 500 million euro bond issue follows a reduction in the company's net financial debt by 263 million euros during the 2024 financial year.
In summary El Corte Inglés completed a debt issuance of 500 million euros, with demand exceeding supply by approximately nine times.
The bond issue has an interest rate of 3.5 percent and matures in July 2033, backed by domestic and international investors.
The funds will be used for general corporate needs, and have been raised after a reduction in net financial debt in 2024 of -263 million euros. This article was translated to English using an AI tool.
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