The supermarket chain DIA has announced the fulfillment of the suspensive conditions of its refinancing agreement signed at the end of last month with the creditors. The company explained that, in view of this, and with the new financing lines obtained, “the company is endowed with a viable capital structure”. DIA has soared 6.4% on the stock market this Thursday, being the most bullish value of the Spanish stock market.
In a relevant event referred to the National Securities Market Commission (CNMV), DIA has indicated that with “the effectiveness of the modification and recasting of the syndicated financing, the new financing lines obtained, the participative loans granted by LetterOne, and the additional funds from the projected capital increase, the removal of the cause of dissolution due to losses is consolidated, the company is endowed with a viable capital structure in the long term and the company’s liquidity needs are solved “.
“Thanks to the signing of this agreement, DIA has an adequate and solid financial structure in the long term that will allow it to meet all its obligations and commitments.The company has achieved the definitive signature of this agreement with its main creditors in very sound financial conditions. competitive . This agreement guarantees the necessary financial stability and robustness required for the company to develop its activities in the future , “said Enrique Weickert, CFO of DIA Group.
DIA has recalled that it meets the suspensive condition that established that it should receive or dispose of at least 490 million through capital increase and / or participatory loans. The company has subscribed, as a borrower, two participating loans with its majority shareholder, LetterOne, as lender, on May 29, 2019 and June 26, 2019 respectively, and for amounts of 40 million and 450 million, respectively, in accordance with which has received from LetterOne a total cash amount of 184 million. DIA will receive the remaining amount (306 million) this Friday, which will be used in full to repay the bonds that mature on July 22, 2019.
DIA has waived the suspensive condition of obtaining additional binding commitments in relation to the line of suppliers, reserving the right to collect binding commitments at any time.