FRANCE. Lagardère Group, parent of Lagardère Travel Retail, has consolidated its financial position by arranging a government-backed loan and amending and extending the term of its revolving credit facility.
The group said it made the move “in light of the the uncertainty surrounding the ongoing health crisis”.
The company has arranged a €465 million loan with its main French and European banking partners that is 80% backed by the French state.
The initial maturity of the government-backed loan is 12 months, with an extension option for up to five additional years. The option may be exercised at the company’s discretion at the end of the initial term. The syndicate of lending banks comprises BNP Paribas, Commerzbank, Crédit Agricole CIB, Crédit Agricole Île de France, LCL, ING, Natixis, Société Générale and Unicredit.
Lagardère has also agreed with its banking partners to amend and extend the term of its revolving credit facility, thereby:
- adjusting the amount of the facility to €1.1 billion;
- extending the term of a €1 billion tranche from May 2022 to March 2023;
- redefining the covenants over the period to take account of the impacts of the health crisis on all group businesses.
