The supermarket chain DIA has managed to close a refinancing agreement for its debt before closing the year, according to the CNMV today. The agreement signed involves a series of agreements with its creditors to refinance its bank debt, with which it will have access to additional financing amounting to 896 million euros. As a result of this agreement, it will have an amount of 215 million in the short term and will be able to access another 681 million through financing instruments for working capital.
The supermarket chain has signed a set of agreements, including a financing contract, once all the pending approvals have been obtained, culminating in the negotiations announced last Friday, coinciding with the dismissal of its CEO, Antonio Coto.
The financing agreement expires on May 31, 2019, except for some minor tranches, whose maturity is set for 2020 and 2021. In addition, the company has signed an implementation agreement – which establishes the conditions for accessing the additional financing – and an agreement between creditors, which regulates the relations between the creditors, DIA and some of its subsidiaries.
The company has also signed bilateral agreements with some creditor entities on different credit instruments and several commitments on collateral. DIA is committed to continue the divestment processes of its Clarel and Max Discount businesses, and to grant mortgage guarantees on certain movable and real estate assets in the near future.
According to the agreements signed, the eventual default by the company of its commitment to undertake, during the first quarter of 2019, a capital increase with preferential subscription rights to increase its own funds in at least 600 million.
On the other hand, the former CEO of DIA Antonio Coto has notified his resignation as a director of the company. DIA announced the termination of Coto, who had only four months in office, and his replacement by Borja de la Cierva. The formalization of the appointment as counselor of Jaime García-Legaz, who was president of AENA and Secretary of State for Commerce, is pending.