Founded in 1957 and based in Llinars del Valles (Barcelona), Intermas Group ("Intermas") specialises in the manufacturing and distribution of extruded plastic netting
Intermas has a presence in more than 70 countries through 10 subsidiaries in the US, France, Netherlands, Italy and Eastern Europe
Intermas operates across several industries, including gardening, packaging, agriculture, aquaculture, livestock, geosynthetics, construction and industrials
Process
DC Advisory ("DC") was mandated by Intermas as exclusive financial advisor in connection with the refinancing of the company’s existing debt, which helped obtain additional liquidity to mitigate the effects of COVID-19
The existing debt package was made up of a syndicated loan with seven entities and a bilateral agreement that regulated the conditions of working capital financing
Based on DC’s knowledge of the debt markets, the team’s role in the transaction included:
Determining of the proposed structure and terms of refinancing
Building on the pitch materials used to present the proposal to potential investors
Coordinating of the process with all relevant parties
Negotiating the term sheet and financing agreements
Outcome
In June 2020, Intermas signed the refinancing agreement with an extraordinary result that exceeded the initial objectives:
Long-term refinancing of the syndicated loan and bilateral agreement without the need for additional guarantees
New 5-year syndicated Instituto de Credito Oficial (ICO) loan with bullet amortization
Financing contract on favourable terms, including partial waiver of covenants
Qualification of sustainable financing, Spain’s first ESG-linked loan with an ICO guarantee
DC Advisory's extensive experience in advising on refinancing transactions, and its excellent relationship with banks, allowed Intermas to execute the operation in just two months despite market volatility
