SMCP - Signature of a state guaranteed loan
23 Junho 2020 - 01:16PM
SMCP - Signature of a state guaranteed loan
Press release – Paris, June 23, 2020
SMCP strengthens its cash position and
financial flexibility to support the resumption of its
activities
- Signature of a state guaranteed loan of 140 million euros
- Suspension of financial covenants for fiscal year 2020 (Holiday
covenant) and easing of financial covenants for fiscal year
2021
Following initial measures aimed at mitigating
the economic impact of the Covid-19 crisis, SMCP today announces
new initiatives to strengthen its financial flexibility.
The Group has contracted a loan of 140 million
euros, guaranteed by the French State (PGE) up to 90% with a
one-year maturity loan and an extension option of up to 5
additional years. This operation brought together a banking pool of
12 banks (BNP Paribas, Crédit Agricole CIB, Crédit Agricole IDF,
LCL, HSBC, Caisse d´Epargne IDF, Commerzbank, Société Générale,
Arkéa Banque, Bank of America, Bred and Crédit du Nord). SMCP has
committed to not distributing any dividend for the years 2020 and
2021.
SMCP has also obtained a suspension of its
financial covenants (Covenant Holiday) for the fiscal year 2020 and
an easing of its financial covenants for the fiscal year 2021
(leverage of 4.5x at June 30 and 4x as of December 31) from its
banking partners. SMCP takes this opportunity to thank its banking
partners for their renewed support, which demonstrates their
confidence in the Group.
While SMCP has been able to reopen 96% of its
directly operated stores, these new measures, combined with its
action plan to reduce its operating expenses, adjust its collection
plans and promote the development of its e-commerce sales, will
allow the Group to benefit from the financial flexibility necessary
to accompany the resumption of activity in the best conditions.
DISCLAIMER: FORWARD-LOOKING
STATEMENTS
Certain information contained in this document
include projections and forecasts. These projections and forecasts
are based on SMCP management's current views and assumptions. Such
forward-looking statements are not guarantees of future performance
of the Group. Actual results or performances may differ materially
from those in such projections and forecasts as a result of
numerous factors, risks and uncertainties. These risks and
uncertainties include those discussed or identified under Chapter 3
“Risk factors” of the Company’s Universal Registration Document
filed with the French Financial Markets Authority (Autorité des
Marchés Financiers - AMF) on 30 April 2020 and available on SMCP's
website (www.smcp.com).This document has not been independently
verified. SMCP makes no representation or undertaking as to the
accuracy or completeness of such information. None of the SMCP or
any of its affiliate’s representatives shall bear any liability (in
negligence or otherwise) for any loss arising from any use of this
document or its contents or otherwise arising in connection with
this document.
***
ABOUT SMCP
SMCP is a global leader in the accessible luxury
market with four unique Parisian brands: Sandro, Maje, Claudie
Pierlot and De Fursac. Present in 41 countries, SMCP is a
fast-growing company which reached the milestone of €1bn in sales
in 2018. The Group comprises a network of over 1,500 stores
globally plus a strong digital presence in all its key markets.
Evelyne Chetrite and Judith Milgrom founded Sandro and Maje in
Paris, in 1984 and 1998 respectively, and continue to provide
creative direction for the brands. Claudie Pierlot and De Fursac
were respectively acquired by SMCP in 2009 and 2019. SMCP is listed
on the Euronext Paris regulated market (compartment A, ISIN Code
FR0013214145, ticker: SMCP).
CONTACTS
INVESTORS/PRESS
PRESS
SMCP
BRUNSWICK
Célia d’Everlange
Hugues
Boëton
Tristan Roquet Montegon
+33 (0) 1 55 80 51 00
+33 (0) 1 53 96 83
83
celia.deverlange@smcp.com
smcp@brunswickgroup.com
- Press release - SMCP - Signature of a state guaranteed
loan
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