A communication sent to the Comissão do Mercado de Valores Mobiliários (CMVM) states that the operation, carried out through the subsidiary EI01–Empresa de Serviços Intragrupo, which manages credits and holds all the group’s debt to three banks, included two new financing contracts totaling 654.4 million euros and a new line of bank guarantees with a maximum amount of 190 million euros.
“The terms of the new financing, particularly their respective remunerations and maturities, promote financial stability and the sustained development of the Teixeira Duarte group’s activities,” the construction company stated.
This refinancing was executed under the Extrajudicial Regime for Business Recovery (RERE).
Under the agreement with the banks, one tranche of the new financing contracts, amounting to 78.3 million euros, will be fully amortized through the delivery of shares from five real estate investment collective societies to be established by transforming five real estate companies of the Teixeira Duarte group, a transaction set to be completed this year.
Following this amortization, Teixeira Duarte group’s gross debt to the banks will be reduced from 654.4 to 576.1 million euros.
The agreement further stipulates that, after amortizing this tranche of 78.3 million euros, the remaining nominal debt to the banks “will be recorded as non-current liabilities at an amount of 541.1 million euros,” with “a new repayment plan providing for an extension of its maturity and optimization of its financing cost” established.
“According to the expected future developments of the Teixeira Duarte group’s businesses, the terms and conditions set out in the agreement will allow for the full repayment of the outstanding capital amounts,” the company concluded.
