METRO AG (FRA:MEO) CECONOMY AG: CECONOMY AG receives approval for syndicated loan through German Federal Government

Directive transparence : information réglementée

29/04/2020 20:49

DGAP-Ad-hoc: CECONOMY AG / Key word(s): Financing
CECONOMY AG: CECONOMY AG receives approval for syndicated loan through German Federal Government

29-Apr-2020 / 20:49 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

CECONOMY AG ("CECONOMY") received the approval of the German Federal Government for the participation of KfW, Germany's state-owned bank, in a syndicated revolving loan facility with a volume of €1.7 billion. The yet to be concluded syndicated loan agreement is, inter alia, still subject to the approval by a consortium of CECONOMY's partner banks, with whom positive talks are at an advanced stage.

One condition of the syndicated loan is that CECONOMY de facto suspends dividend payments for the duration of the credit facility. The term has been set until December 2021 with a one-year extension option at the discretion of KfW.

In view of the worldwide spread of the COVID-19 pandemic and the expected noticeable effects on its business, CECONOMY early initiated extensive liquidity measures. In this context, as a precautionary measure the company had also applied for this credit line as a working capital facility in order to increase the existing credit agreements amounting to €980 million and thus to secure the company's financial flexibility.

Person making the notification: Stephanie Ritschel, Vice President Investor Relations, CECONOMY AG

29-Apr-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Kaistr. 3
40221 Düsseldorf
Phone: +49 (0)211 5408-7225
Fax: +49 (0)211 5408-7005
E-mail: stephanie.ritschel@ceconomy.de
Internet: www.ceconomy.de
ISIN: DE0007257503, DE0007257537, Weitere: www.ceconomy.de/de/investor-relations/
WKN: 725750, 725753, Weitere: www.ceconomy.de/de/investor-relations/
Indices: SDAX
Listed: Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1033317

End of Announcement DGAP News Service

1033317  29-Apr-2020 CET/CEST