The company has launched an issuance plan with a maximum balance of 1.2 billion euros, effective until December 1, 2024. Despite the prevailing increase in interest rates, El Corte Inglés opted for this approach, communicating the issuance to the Alternative Fixed-Income Market (MARF). These papers, linked to sustainability criteria, boast maturities ranging from three days to two years and are designed to attract major investors, with minimum amounts set at 100,000 euros.
The issuance program, emphasizing social or reforestation projects, aims to secure funds for the company’s immediate operational requirements. Investors receive returns through the interest accrued on each issuance. Despite interest rates doubling in the last year and currently standing at 4%, El Corte Inglés perceives this financing tool as advantageous due to its flexibility and cost-effectiveness compared to other short-term options.
This financial initiative follows the company’s request in October to extend its debt until 2029. El Corte Inglés sought an extension of the maturity of credits totaling 2.6 billion euros, signed in 2022, by an additional year.
