The textile chain Mango has closed an agreement with the bank creditor to refinance 500 million debt until 2023 and thus guarantee the necessary resources to carry out its new strategic plan.
The operation, already formalized, involves the constitution of a syndicated loan for an amount of 500 million with Banco Santander, Sabadell, CaixaBank, BBVA, Bankia, Ibercaja and Erste Bank. In this way, Mango achieves lengthen until 2023 the calendar of debt maturities scheduled for 2019 and 2020.
"With this agreement, the company is able to substantially reinforce its asset situation, in addition to improving its working capital," the company presided by Isak Andic said in a statement.
According to Mango's Managing Director, Toni Ruiz, the agreement is "a clear demonstration" of the bank's support for the group's strategy, and "will help carry out all the projects planned in the coming years," including the reorganization of the park of stores with larger outlets and the digital transformation of the company.
Mango closed the year 2017 with a net financial debt of 415 million euros, 33% less than the previous year.
The firm, which plans to open 60,000 net square meters of commercial surface Throughout 2019, it reduced its losses by 45% in the last year, going from 61 to 33 million euros, and saw its sales decrease by 3% in 2017, to 2,194 million.