DLA Piper advises on €2.6b refinancing for El Corte Inglés

DLA Piper has advised various banks on the €2.6 billion refinancing agreement of El Corte Inglés

DLA Piper has advised various banking entities on the debt refinancing agreement of the El Corte Inglés Group. This agreement has been made with 21 banking entities for a maximum aggregate amount of up to €2.6 billion and a term extended by at least two years, until March 2027.

The contract, which has been signed with the support of more than twenty national and international financial entities, allows the distribution group to improve the conditions it currently had by ensuring stable financing, with lower costs and longer terms. Specifically, the banks with which the agreement has been reached, among which are the most important in Spain as well as in the world, are: Santander, BBVA, BNP, Caixabank, Unicredit, Sabadell, Crédit Agricole, Kutxabank, Unicaja Bank, Intesa San Paolo, Société Generale, Deutsche Bank, Bank of America, Goldman Sachs, JP Morgan, Ibercaja, Barclays, Citibank, Banco Cooperativo Español, ICBC and Aresbank.

The DLA Piper team that advised on this operation was made up of: Jesús Zapata (pictured left), Financing, Projects and Restructuring partner who led the team, José Marco (pictured top right), Legal Director and Santiago González (pictured bottom right), associate, all from the same department.

Jesus Zapata, Financing, Projects and Restructuring partner at DLA Piper, said: “We are pleased to have been able, once again, to accompany our clients during this complex and far-reaching operation for the Spanish market. It demonstrates the trust placed by banking institutions in our financial law team.”