European sectors hit hard by virus reliant on state lending

By Mike Turner
28 May 2020

Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from state-owned Instituto de Crédito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.

Tendam has signed a credit facility totalling €132.5m, made up of a €122.5m syndicated loan and a €10m bilateral line. The facility has a three year maturity.

ICO is guaranteeing the facility as well as putting in the joint largest ticket at €25m, a banker on the deal said.

The ...

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