IGD SIIQ SpA: €36.3 million loan obtained from MPS, guaranteed by SACE as part of the garanzia Italia program
September 24, 2020 at 04:50 am EDT
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24 September 202010:36
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IGD SIIQ SpA: €36.3 million loan obtained from MPS, guaranteed by SACE as part of the garanzia Italia program
IGD - Immobiliare Grande Distribuzione SIIQ S.p.A., the main retail real estate company listed on the Italian stock market, has signed an agreement with Banca Monte dei Paschi di Siena for a 6-year €36.3 million loan, guaranteed by Sace as part of the Garanzia Italia program (the rate, including the cost of the government guarantee, is in line with the Group's average cost of debt).
This loan, along with the other actions taken by the Company in past months, like renewing committed credit lines, reducing/suspending certain capex and reducing the dividend to the mandatory minimum called for under the special SIIQ regime, aims to stabilize the Group's balance sheet/financial structure.
The loan guaranteed by SACE will be used by the Company to finance investments in Italy still in pipeline and other operating costs, including working capital.
Claudio Albertini, IGD's Chief Executive Officer stated: 'We are satisfied to have finalized this transaction with Banca MPS, one of IGD Group's main banking partners, with whom we have been working for some time. The loan, as disclosed previously to the market, is consistent with a broader strategy which will allow us to cover our financial needs through year-end 2021'.
Maurizio Bai, head of Banca MPS's Network Division, stated: 'This loan transaction provides us with an opportunity to support the leader of the retail real estate sector and confirms our continuous support of Italy's productive fabric. The ability to make a concrete contribution to the recovery and to revitalizing the development of different domestic economic sectors is key to Banca MPS'.
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IGD SIIQ S.p.A. published this content on 24 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2020 08:49:01 UTC
Immobiliare Grande Distribuzione SIIQ SpA, formerly Immobiliare Grande Distribuzione Societa di Investimento Immobiliare Quotata SpA, is an Italy-based company engaged in the real estate sector. The Company is primarily active in the property purchase, development, management and leasing. Additionally, it provides various services related to real estate sector, including promotion of newly opened, expanded or restructured centers; rotation of existing retailers, and facility management services, such as security, cleaning and ordinary maintenance. As of December 31, 2011, the Companyâs portfolio consisted of properties in Italy, including 19 hypermarkets and supermarkets, 19 shopping malls and retail parks, one city center property, four plots of land for direct development, one asset held for trading and 7 others, and properties in Romania, including 15 shopping centers and one office building. It operates through Punta di Ferro Srl.