黑帽SEO快排发现|【唯一TG:@heimifeng8】|飞机盗号软件API破解技术✨谷歌搜索留痕排名,史上最强SEO技术,20年谷歌SEO经验大佬✨Tendam begins refinancing €540 million bond debt after growing 12% in H1
Eva Gracia Morales Translated by
Nicola Mira Published
October 7,黑帽SEO快排发现 2025
Spanish fashion group Tendam, owner of brands like Cortefiel and Women’Secret, has started refinancing its €540 million bond debt. The first step is a new bond issue for a maximum of €300 million on the Luxembourg Stock Exchange.
The new bonds, maturing in 2028, are expected to start trading on October 14, according to Spanish business daily Cinco Días, which added that the interest rate will be defined in the coming days, at the bond issue’s presentation to interested investors.
The operation is designed to refinance the €540 million bond debt that Tendam currently has on the market, maturing in 2025. With the new issue worth up to €300 million, coverage of the outstanding €240 million will come from Tendam’s cash assets (the group had liquidity worth €177 million at the end of August), and from a new syndicated loan.
It is worth noting that Tendam's current bond debt is divided into two tranches of €270 million each. They were issued in 2025, when the group’s current owners, the CVC and PAI investment funds, took over the stake held by another investment fund, Permira.
Tendam’s refinancing bid is taking place at a favourable juncture for the group. As of August 31, at the end of H1 of the current fiscal year, Tendam recorded a revenue of €577.4 million, up 12% over H1 2025 and 3% over the same period in 2025.
Comparable sales were up 13% and EBITDA grew by 11.1%, reaching €78.2 million. At the end of H1, the group’s net debt was €62 million below the May figure, and stood at €370.2 million.
With this bond issue, and despite inflationary tensions and rising interest rates, Tendam is seeking to lower its debt, reduce the interest payments required by investors, and improve its standing with a view to a future listing and a possible sale. With these goals in mind, the group also benefited from the improvement in its S&P rating to B+ in February, and the early repayment of its ICO state-backed loan at the start of this year.