Safilo Group S.p.A. announced the signing of a new term loan facility for an amount of €108.0 million ($123 mm) to provide Safilo S.p.A. with additional liquidity to finance working capital and investment needs for activities located in Italy, supporting the business in a period still characterized by a high level of uncertainty surrounding the recovery of the industry.
SACE will guarantee 90 percent of the new amount borrowed, pursuant to the “Decreto Liquidità” adopted on April 8, 2020 by the Italian Government and converted into law by the Parliament, in the context of the extraordinary measures promoted to deal with the economic and social impact of the Covid-19 outbreak.
The new Term Loan Facility (“SACE TLF”), arranged by BNP Paribas, ING Bank, Intesa Sanpaolo and UniCredit, also acting as SACE Coordinator and Agent Bank, matures on June 30, 2026, with 3 years grace period and a repayment profile in twelve quarterly installments starting from September 2023. The facility is unsecured and pari passu with the €150 million term loan and revolving credit facility (“2018 TLRCF”) signed in 2018.
The overall cost of this financing, also thanks to the guarantee issued by SACE, is lower than the current cost of the Group’s debt.
Safilo’s portfolio encompasses its own core brands Carrera, Polaroid, Smith, Safilo, Blenders, Privé Revaux, and licensed brands Dior, Dior Homme, Fendi, Banana Republic, BOSS, David Beckham, Elie Saab, Fossil, Givenchy, havaianas, HUGO, Jimmy Choo, Juicy Couture, kate spade new york, Levi’s, Liz Claiborne, Love Moschino, Marc Jacobs, Missoni, M Missoni, Moschino, Pierre Cardin, rag&bone, Rebecca Minkoff, Saks Fifth Avenue, Swatch, and Tommy Hilfiger.
Photo courtesy Smith