Tendam redeems its 2022 Notes, paving the way for its stock market debut

Tendam is continuing to bolster its financial health with the prospect of going public. The Spanish fashion group, owner of brands such as Springfield, Women’secret, Cortefiel, and Pedro del Hierro, is redeeming 110 million euros worth of outstanding Notes before maturity, stemming from the bond issued in October 2022.

The transaction, orchestrated through the entity Tendam Brands, completes the 190 million euros company redeemed in October 2023, which signifying “this transaction will result in the full, early redemption of the €300 million issuance of Floating Rate Senior Secured Notes due in 2028 completed in October 2022,” as stated by the group in a release.

This redemption has been structured via a two-part strategy. On one hand, the infusion of capital from the group’s own cash reserves; on the other, funds originating from a green loan tied to sustainability objectives worth 90 million euros, subscribed on March 12 and maturing in 2029.

This marks the third green loan for Tendam, inked by BBVA, Caixabank, Crédit Agricole, Sabadell, and Intesa Sanpaolo. “This transaction reaffirms the financial community’s confidence in Tendam’s performance,” asserted the company. Furthermore, it added, “Using its own cash reserve, the company is also bringing forward the payment of 30 million euros on the green loan signed in July 2023.”

Tendam also specified that, regarding its financial structure in 2022, it has accrued savings of 18.7 million euros in interests, and with its latest redemption, it has reduced its debt cost by 40%.

“The transaction evidences Tendam‘s current strong performance and cash-generating capacity, and puts it in a strong financial position to continue to deliver on its roadmap and growth strategy,” concluded the group in its statement.

The Spanish conglomerate, under the ownership of funds CVC and Pai, is paving its way towards the stock market, as it plans to go public this year. It closed its last fiscal year in February, and as we await the presentation of its full-year results, in the first nine months (from March 1 to November 30), it achieved total sales of 884.3 million euros, a 5.2% increase compared to 2022 and an 8.4% increase compared to 2019.