International edition
September 22, 2020

The credit facility is further extendible to 180 million euros

Codere renews its credit line

(Spain).- Codere Group announced the renewal its 100 million euro senior credit line maturing next October. The new Senior Facilities Agreement improves on the previous conditions, extending the current limit to 120 million euro at an interest rate of Euribor/Libor + 4.50%.

T

he credit facility is further extendible to 180 million, is multi-currency and multiborrower and has a term of three years. The financial institutions participating in the transaction are Barclays Capital, Credit Suisse, BBVA and Houston Casualty Company Europe.

These financial institutions will participate in the Agreement in various tranches: the first tranche is a senior revolving credit facility that may be utilized through revolving loans, guarantees and letters of credit up to an aggregate principal amount of 60 million euros, provided by Barclays Capital, Credit Suisse and Bank Bilbao Vizcaya Argentaria.

A second tranche consists of a letter of credit facility of up to an aggregate principal amount of 40 million euros, provided by Barclays Capital and Credit Suisse and, lastly, a surety bond facility of up to an aggregate principal amount of another 40 million euros, provided by Houston Casualty Company Europe.

Total amounts drawn under the latter two tranches may not exceed 60 million euros. The agreement contains, as core performance ratios, that the Codere Group's Net Financial Debt does not exceed 4.25 times EBITDA, that Bank Debt remain less than 1.5 times EBITDA and Minimum Interest Coverage exceed 2.5 times EBITDA.

These same performance ratios were included in the previous financing agreement. Despite the difficulties of the current financial environment, the Codere Group has renewed and expanded the Senior Facilities Agreement, thereby assuring its financial capacity to meet the opportunities that arise in the immediate future and further demonstrating the collaboration of the financial institutions, both domestic and international, who continue to trust in the Codere Group and support our business project.

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