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Feb 1, 2022
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Tendam pays off its €132.5 million loan to ICO early

Translated by
Feb 1, 2022

The Spanish conglomerate, owner of brands such as Cortefiel and Springfield, announced on Monday, Jan. 31, the repayment of the entire ICO loan that had been granted to the company in May 2020. This decision implies the company’s rapid post-pandemic recovery, as well as its good prospects and solid liquidity position. 


As the company detailed in a press release, a syndicated loan of €112.5 million and a bilateral loan of €10 million was financed by Banco Santander, BBVA, CaixaBank, Société Générale, Bankia Générale, Bankia, Banco Sabadell and Crédit Agricole, as well as the Instituto de Crédito Oficial (ICO). The repayment of the loan, which will become effective during the month of February, has already been communicated by the company to the ICO and the other participating entities.

Tendam justifies the loan repaid four years before its maturity date given "the good performance in all operational and financial parameters, its capacity to generate cash and its robust liquidity position". Jaume Miquel, Chairman and CEO of the company, said that "the early repayment of the ICO loan is a natural consequence of the group's good performance in all its business and financial variables, and is in line with our desire to continuously improve all our financial ratios.”

The financial results reported just last week stated that in the third quarter of the financial year, Tendam raised its revenues by 31.3 % to €258.8 million and exceeded the sales figure of the third quarter of 2019 by €2.5 million. For the first nine months of the year, like-for-like sales were up 22.2 % compared to the same period in 2020 and up 0.7 % compared to 2019.

Today, the Spanish fashion company is present in more than 70 countries with more than 1,800 points of sale and owns eight different brands: Women'secret, Springfield, Cortefiel, Pedro del Hierro, Hoss Intropia, Slowlove, High Spirits and Fifty. Its omnichannel strategy, which involves the implementation of an online multi-brand platform, also retails third-party brands.

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