Legislation

Cirsa extends a millionaire revolving credit in Euros

Friday 15 de November 2024 / 12:00

www.lavanguardia.com

⏱ 1 min read

(Barcelona).-The origin of this credit is in an agreement from 2018 and which was updated in 2020 and 2022. The loan can be used for corporate matters, acquisitions and working capital

Cirsa extends a millionaire revolving credit in Euros

The multinational gaming and leisure company Cirsa has reached an agreement to extend the maturity of a revolving loan of 275 million euros. In this way, the company achieves a margin of three extra years for a loan – not yet drawn down – whose maturity was scheduled for the end of 2026.

The origin of this credit is in an agreement from 2018 and which was updated in 2020 and 2022. The loan can be used for corporate matters, acquisitions and working capital.

This new operation joins the issuance of bonds worth 600 million at the beginning of the year to restructure the company's liabilities. Cirsa, owned by Blackstone, had leverage of 3.87 times gross operating profit (ebitda) as of September. In total, there is 2,598 million of net debt, 15% more than in the same period last year.

The Terrassa-based company is studying a possible IPO that could facilitate the reduction of its leverage. If it is finally carried out, the company estimates that it could reduce the liability up to 2.75 times.

The multinational recorded a drop in net income of 68% until the third quarter, with 16 million in profits, due to higher financial costs and an adjustment in income tax. EBITDA stood at 508 million, which represents an increase of 8.7%. The company recorded an 8% increase in revenue, up to 1,564 million.

Categoría:Legislation

Tags: CIRSA,

País: Spain

Región: EMEA

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