Tendam Brands, the company that owns chains such as Cortefiel or Springfield, has completed the amortization of the senior secured bonds it had outstanding for 110 million euros, four years ahead of their maturity in anticipation of their upcoming IPO. This amortization, which follows the one carried out in October 2023 for 190 million euros, represents the total and early cancellation of the bond issuance made in October 2022 for an amount of 300 million euros and maturity in 2028.
“This operation highlights the good moment of Tendam and its cash generation, positioning the company in a favorable financial position to continue meeting its roadmap and growth strategy,” the company assures. The amortization of 110 million euros has been structured through two means: the contribution of capital from the company’s cash flow and funds from a green loan linked to sustainable goals for 90 million euros signed on March 12.
The green loan, which matures in 2029, is the third of its kind for Tendam and is supported, according to the company, “by the strength of the sustainability strategy.” It has been signed by BBVA, Caixabank, Crédit Agricole, Sabadell and Intesa Sanpaolo and endorses, as explained by the group, “the financial community’s confidence in Tendam’s performance.” In parallel and also using its own resources, the company has advanced the payment of 30 million euros from the green loan signed in July 2023. Thanks to these operations, Tendam has accumulated a savings of 18.7 million euros in interest and reduced its debt cost by 40% compared to its financial structure in 2022.
Tendam has entrusted the IPO to a group of banks composed of BNP Paribas, Cirigroup, and JPMorgan. As Reuters revealed last December, Rothschild & Co would be acting as the financial advisor to the textile group, controlled by the CVC and PAI Partners funds, and which could reach a valuation of 1.5 billion euros in an operation that could take place this year.
Tendam recorded sales of 278.2 million euros in the third quarter of 2023, representing growth of 5.7% and 8.5% compared to the same period in 2022 and 2019, respectively. In the first nine months of the fiscal year, total sales grew by 5.2% compared to 2022, reaching 884.3 million euros. This is also 8.4% higher than the same period in 2019. Jaume Miquel, president and CEO of the group, explained last January after presenting the quarterly accounts that “considering the results obtained in the previous quarters and the good performance of the Christmas campaign and start of sales, the company is facing the closing of the year with an improvement in its forecasts and an estimated growth in recurring EBITDA of over 10%.”
About Tendam
Tendam is one of the leading European companies in the fashion sector specializing in the management of brands in the premium mass market segment. It defines itself as an open omnichannel ecosystem with the ability to optimize traffic from nearly 400 million consumers by combining physical and digital stores. The company currently has twelve proprietary brands: Women’secret, Springfield, Cortefiel, Pedro del Hierro, Hoss Intropia, Slowlove, High Spirits, Dash and Stars, OOTO, HI&BYE, Milano, and Fifty; in addition to a children’s line Springfield Kids. Through its new multibrand omnichannel platform, it also markets third-party brands. Present in nearly 80 countries on four continents and with more than 1800 points of sale, it distributes through its own stores, e-commerce, and franchises.
