Begoña Martinez & Ben Crosse

Linklaters on Tendam’s €300m senior secured floating rate notes

Linklaters has advised the spanish fashion retailer, Tendam, on its €300m senior secured floating rate notes due 2028. It has also advised on a sustainability-linked credit agreement, which includes a €130.9m term loan and a €174.2m revolving credit facility.

Controlled by CVC and PAI Partners and with more than 140 years in the market, Tendam is an european group specialised in the fashion industry with a presence in more than 70 countries and more than 1,800 points of sale.

Through this agreement, the conditions of the sustainability-linked financing are linked to the reduction of greenhouse gas emissions and the increase of the weight of sustainable products in the company’s collections. By the end of 2021, Tendam had already delivered 30% more sustainable garments, advancing its goal of making 45% of its products more sustainable by the end of 2022.

The Linklaters’ team advising Tendam was led by the global co-head of banking, Ben Crosse (pictured right) and the counsel, Begoña Martínez (pictured left) from Madrid. Also the Linklaters’ partner, Mark Hageman and the associate, Adriana Pérez Cavazos, advised from London.

Irina Wakstein