The footwear manufacturer received $ 235 million from five local entities to integrate capital and extend the payment of its short-term debt
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<p>After having had to face a strong adjustment process that included the closure of premises, dismissal of personnel and a request for opening a crisis prevention procedure before the Ministry of Labor, the Grimoldi shoe production and sales chain has just obtained a millionaire loan to partially mitigate the crisis scenario that it still faces.
This is a syndicated loan for up to $ 235 million that has just been granted by a group of local banks formed by Santander Rio; Comafi; Galicia; Macro and BBVA Banco Francés.
The agreement was sealed during this day and the company chaired by Alberto Grimoldi has just communicated it to the Buenos Aires Stock Exchange.
The objective of the funds is linked to the need of the company to integrate working capital for its application to the industrial activity carried out in the province of Buenos Aires and also to replace different short-term financial liabilities with long-term loans.
In this way, Grimoldi seeks to substantially improve the profile of its financial indebtedness with the injection of those funds that will be delivered by the banks in a single disbursement and refinancing.
Under the agreement, you will receive the money in pesos and will be denominated in the Unit of Acquisitive Value that can be updated by the Reference Stabilization Coefficient that will be used to calculate the amount of capital and interest owed by the company.
The loan also has a term of 48 months from the date of disbursement and refinancing, a repayment of capital canceled in 13 consecutive quarterly installments, the first one expiring at 12 months months from the Closing Date.
Additionally, it will accrue compensatory interest at a fixed rate equivalent to a nominal annual 17% and with compensatory interest payable quarterly overdue, as of the Closing Date.
The agreement also clarifies the guarantees for the fulfillment of the loan and obliges Grimoldi to sign a trust agreement by means of the fiduciary assignment of future flows for sales with credit cards.
Also a mortgage in the first degree of priority and privilege on the property of National Route N ° 8, Km. 48.5, Pilar Party, and promissory notes in favor of the banks "in accordance with the procedure of issuance, delivery and replacement of said titles described in the loan ".
In this sense, Banco Santander Rio will also act as the Administrative and Trust Agent of the guarantee trust agreement, while the company undertakes not to distribute profits, cash dividends or any other type of profits that exceed 0% of the profit net of the annual years ended December 31, 2019 and December 31, 2020.
Another 15% of the net income of the annual year ended December 31, 2021 and 30% of the year ended December 31, 2022.
In this way, the company seeks to leave behind a complicated scenario generated in large part by the fall in consumption and the devaluation of half of 2018, to the point that precisely that year was the first since 2002 when its balance sheet gave losses, and high , for almost $ 300 million.
The lower sales caused an accumulation of merchandise in stock at the same time that the revaluation of the dollar against the peso affected its debt denominated in US currency due to the large number of imported brands sold in its stores and that represent 80% of your sales
The situation led the company to ask for the official endorsement last June to face a crisis prevention procedure that allows it to lay off staff by paying only half of the compensation and reducing its number of branches.
In the case of the loan, it is likely that it will replace Grimoldi's intention to seek fresh funds through a global fiduciary securities issuance program as a financing mechanism for his activity that was approved by an assembly last June.
It happens that economic instability and current financial volatility prevent companies from obtaining money from international markets, although in Grimoldi they intend to raise up to $ 800 million with real estate trusts and asset securitization.
During the assembly, Jorge Grimoldi, president of the company, explained to those present that the payment of the fiduciary values of each series and class will be guaranteed exclusively with the payments coming from the "trust" assets.
The proposal was approved by a majority during the assembly that also authorized the top executives of Grimoldi to carry out a study to determine the specific assets to be assigned to each trust and the terms and conditions of the fiduciary values to be issued under the pr program.
The entities that will be hired as a financial fiduciary, organizers and placement agents and the request for the quotation of one or more series in various stock markets in the country and abroad will also begin to be searched.
Grimoldi began its activity in 1895 as a shoe factory. He then developed his retail stores and expanded to Uruguay, in addition to adding international brands such as Hush Puppies, Kickers, Aldo and Merrell.
The company is listed on the local stock exchange, where it has a market value of almost $ 1.2 billion and has become one of Argentina's most characteristic brands in the local footwear industry.
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