Moreover, the current Euribor spread is reduced by about 30% to 44%, according to the evolution of the agreed covenants. The new syndicated loan also reformulates the maturities of the relevant debt, changing from 2019 to 2021.
Consequently, both the reduction in the interest rate and the increase of the maturities, strengthen and increase the flexibility of the company's funding the next six financial years.
José Miguel Iisdro, President of the Europac Group has stressed that "Bearing in mind the current financial environment, characterised by an increase of the system's liquidity, we have decided to undertaken this transaction and sign a new syndicated loan that enables the Europac Group to increase maturities and reduce the cost of funding."
Lastly, the president of the company has highlighted that, "The signature of a new syndicated loan ratifies the trust of the financing entities in the Europac Group's industrial proyect in general and in particular, in the achievement of the objectives expressed in the 2015-2018 Strategic Plan, wich the very favourable funding conditions will no doubt contribute towards."
The Europac Group (Papeles y Cartones de Europa, SA) is an integrated operator with activities in all areas of the paper and packaging industry value chain, from end-to-end waste management and forestry operations for the procurement of the raw materials necessary for the production of recycled paper and kraftliner at the Group’s plants in Spain, France and Portugal, to the manufacture of cardboard sheets and boxes as end products.
