Retailer Tendam latest in Spain to win ICO crisis support

Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from the state owned Instituto de Credito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.

Tendam has signed a credit facility totalling €132.5m made up of a €122.5m syndicated loan and a €10m bilateral line. The facility has a three year maturity.

ICO is guaranteeing the facility as well as putting in the joint largest ticket at €25m, a banker on the deal confirmed.

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