Wallbox has reached an indicative commercial agreement with its core banking partners and its major shareholders, which contemplates an extension of debt maturities and a proposed liquidity injection of ?22.5 million through a combination of debt and equity, to provide a renewed capital structure for the company. The Commercial Agreement has been reached by entering into an indicative term sheet (?Term Sheet?) with the company?s core banking partners, Santander, BBVA and CaixaBank, which together represent approximately 65% of its existing debt, outlining the key commercial terms for a proposed renewed capital structure; and a non-binding letter of intent with certain key shareholders (Inversiones Financieras Perseo, S.L. (an Iberdrola group company), Orilla Asset Management, S.L., AM Gestió, S.L., Consilium, S.L., and Mingkiri, S.L.) regarding a proposed new equity investment. As outlined in the Term Sheet, Wallbox?s financial debt would be refinanced through a new syndicated structure which includes revised maturities, amortization structures and interest terms. The proposed structure is expected to enhance liquidity and reinforce the company?s capital structure for the coming years.
The Term Sheet includes: Refinancing ?55.0 million of existing bilateral loans into a new syndicated term loan, maturing in December 2030, with amortization beginning with limited quarterly payments starting in Third Quarter 2026 and increasing gradually through 2027?2030. Establishing a new ?63.2 million bullet instrument, maturing in December 2030, accruing payment-in-kind (PIK) interest. Restructuring the company?s working capital facilities into a new ?52.3 million syndicated working capital line, maturing in December 2028 and featuring two successive automatic 12-month extensions unless opposed by a majority of lenders, and bearing interest aligned with the new syndicated term loan.
?12.5 million in new trade commitments to be provided by the participating lenders and expected to be partially guaranteed by a credit insurance company. This facility is expected to strengthen Wallbox?s working capital position and support the management of payables and receivables as the company continues to grow. The new debt instruments will include customary terms and conditions, to be agreed and set forth in the definitive documentation, and will be guaranteed and secured by a comprehensive collateral package customary for transactions of this nature, including security over shares in certain subsidiaries and other key assets, as well as potential convertible right into shares upon certain events to be agreed.
The company is also engaged in advanced negotiations with the other principal lenders under its existing financing arrangements, which includes Instituto de Crédito Oficial E.P.E., Institut Català de Finances, Mora Banc Grup, S.A., and EBN Banco de Negocios, S.A., as well as with Compañía Española de Financiación del Desarrollo (COFIDES), S.A., S.M.E., to incorporate their current facilities into the renewed capital structure. Including these debt instruments, and subject to completion of definitive documentation, the Commercial Agreement is expected to cover approximately 85% of the company's total existing indebtedness. The company is also seeking support from other minority lenders not part of the Commercial Agreement which are intended to be part of the restructuring process.
