Madrid, July 26, 2018.- ADVEO has reached an agreement with the banks that hold the syndicated loan –with whom ADVEO signed the syndicated financing agreement in July 2017- to obtain an additional €20m loan, that will be available in the next coming days, once usual procedures are concluded.
At the same time, ADVEO has reached an agreement to grant a purchase option of the company warehouse in Tres Cantos (Madrid) for €22m, which would represent a capital gain of €8.4m.
As a consequence of both agreements, that solve the liquidity shortage that the company was going through, the financing offer received by ADVEO from an investment fund (amounting to €33m) has been rendered ineffective.
For this reason the company has called off the Extraordinary General Meeting for Friday 27th, since that meeting had been scheduled to approve the operation announced to the CNMV last 26th June that has now been replaced by the aforementioned operations.
The €20m loan from banks will be made effective in the next coming days and will allow ADVEO to have the necessary liquidity to recover its stock levels and its operational activity and to continue implementing the Strategic Plan 2017-2020, the axis of growth in the coming years.
Regarding the sale of the Tres Cantos warehouse for €22m, it is expected to be formalised not later than October 2, 2018. A process started in March
In March, ADVEO commissioned the Houlihan Lokey Investment Bank to start up a process that would culminate in the incorporation of a new investor that would contribute around €30m as additional financing. The process was executed in total coordination with the banking parties that signed the current syndicated loan.