Mango has signed a syndicated loan of eur 500 million with its banking creditors –CaixaBank, Banco Sabadell, Santander, BBVA, Bankia, Ibercaja, and Erste Bank– to refinance its debt until the year 2023.
In this way, the Catalan multinational fashion extends until 2023 maturities of debt planned for 2019 and 2020, has informed in a press release this Thursday.
With this agreement, the company strengthens its financial position and improve its lines of working capital, as highlighted by the director general of Mango, Toni Ruiz.
“The agreement will help us to be able to tackle all the projects envisaged in the next years, among them the reordering of our park stores, with points of sale of a greater size, and the digital transformation of the organization,” he noted.
Mango has pointed out that in 2017 was a “significant year of sanitation” on the balance sheet with a strong cut of its bank liabilities, and a reduction of its net financial debt, which on 31 December of the last year was reduced by 33%, from 617 to € 415 million.
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