Tendam’s €117.5 Million Syndicated Loan Guaranteed By The ICO


Linklaters has advised Tendam on the deal.

Tendam obtained a syndicated loan guaranteed by the ICO for €117.5 million (which can be increased up to €130 million) and a bilateral loan guaranteed by the ICO for €10 million. Financing has been provided by Banco Santander, the Official Credit Institute (ICO), BBVA, CaixaBank, Société Générale, Bankia, Banco Sabadell and Crédit Agricole.

It is the first ICO-backed syndicated loan for all the banks (except for Santander) and the first in which they have managed to get the ICO to also be a lender.

Tendam is one of Europe’s leading fashion retailers operating in the specialised chain store segment through the Cortefiel, Pedro del Hierro, Springfield, Women’secret and Fifty brands.

The Linklaters team in Spain was led by Ben Crosse (Picture – partner), together with Begoña Martinez (managing associate).

Involved fees earner: Ben Crosse – Linklaters; Begoña Martínez – Linklaters;

Law Firms: Linklaters;

Clients: Tendam;