CECONOMY AG settles post-pandemic financing structure: Existing KfW syndicated loan agreement replaced by ESG-linked syndicated credit facilities

Düsseldorf, 30 July 2021 - CECONOMY AG ("CECONOMY") has settled its post-pandemic financing structure with the termination of its syndicated revolving loan agreement with the participation of KfW and implementation of its new ESG-linked syndicated revolving credit facilities. The €1.7 billion loan facility of the existing syndicated loan agreement with the participation of KfW was concluded in mid-May 2020 during the first wave of the COVID-19 pandemic and complemented CECONOMY's existing credit facilities of €980 million at that time. It purely served as a back-up line and was never drawn.

The company had already laid the foundation for its long-term post-pandemic financing structure in May of this year with the signing of new ESG-linked syndicated revolving credit facilities in the amount of €1.06 billion. The new facilities have a diverse maturity profile and are split into an initial five-year tranche with a volume of €707 million and an initial three-year tranche with a volume of €353 million. In addition, CECONOMY issued an inaugural €500 million 5-year senior unsecured bond in June of this year, thereby further enhancing its long-term financing structure.

Following the recent issuance of the 5-year senior unsecured bond, CECONOMY now concludes its post-pandemic financing structure with the implementation of the new ESG-linked syndicated revolving credit facilities. The new structure underpins CECONOMY's continued prudent financial policy, which still allows the company to cover liquidity needs even in extraordinary times.

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