Update Post: November 28, 2023 10:45 am
Date: September 23, 2023 Time: 14:45:39
The Governing Council of Eroski will propose to the General Assembly of the cooperative to issue bonds for institutional clients for a maximum of 600 million euros to refinance their debt. Eroski’s management has called for an extraordinary General Assembly on October 10 in Elorrio (Vizcaya), where its headquarters are located, to test this financial measure.
The 600 million of this bond issue, aimed exclusively at institutional holders, will be used to meet debt amortization commitments: 504 million that mature on July 31, 2024 and 200 million that mature on December 31, 2027 .
Eroski has highlighted in a note the “Very Notable” reduction in debt in recent years, of 2,565 million since 2009, a decrease of 75%, for which it had to end part of its businesses and supermarkets and renegotiate with the Creditors.
Last year, the consumer cooperative of the Mondragón group reduced its financial debt by 44 million and at the end of the first semester the debt stood at 858 million euros, so the bond being studied would cover 70 percent of that. amount.