IGD SIIQ SpA: €36.3 million loan obtained from MPS, guaranteed by SACE as part of the garanzia Italia program
IGD – Immobiliare Grande Distribuzione SIIQ S.p.A., the main retail real estate company listed on the Italian stock market, has signed an agreement with Banca Monte dei Paschi di Siena for a 6-year €36.3 million loan, guaranteed by Sace as part of the Garanzia Italia program (the rate, including the cost of the government guarantee, is in line with the Group’s average cost of debt).
This loan, along with the other actions taken by the Company in past months, like renewing committed credit lines, reducing/suspending certain capex and reducing the dividend to the mandatory minimum called for under the special SIIQ regime, aims to stabilize the Group’s balance sheet/financial structure.
The loan guaranteed by SACE will be used by the Company to finance investments in Italy still in pipeline and other operating costs, including working capital.
Claudio Albertini, IGD’s Chief Executive Officer stated: “We are satisfied to have finalized this transaction with Banca MPS, one of IGD Group’s main banking partners, with whom we have been working for some time. The loan, as disclosed previously to the market, is consistent with a broader strategy which will allow us to cover our financial needs through year-end 2021“.
Maurizio Bai, head of Banca MPS’s Network Division, stated: “This loan transaction provides us with an opportunity to support the leader of the retail real estate sector and confirms our continuous support of Italy’s productive fabric. The ability to make a concrete contribution to the recovery and to revitalizing the development of different domestic economic sectors is key to Banca MPS”.Share