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H&M signs 980 million euro credit facility to boost liquidity buffer in response to Covid-19

Business

H&M signs 980 million euro credit facility to boost liquidity buffer in response to Covid-19

By Prachi Singh

Apr 8, 2020

H&M Hennes & Mauritz AB has signed a new 12 months 980 million euros revolving credit facility with a six months extension option in order to further strengthen its liquidity buffer and financial flexibility in response to the Covid-19 situation.

The company said in a statement: “The H&M group’s liquidity remains good. The group is continuing its work to set up a combination of different financing solutions.”

The company added that this new facility is in addition to the company’s undrawn 700 million euros RCF signed in 2017 and maturing 2024. The facility was supported by a group of H&M Group’s relationship banks with SEB acting as co-ordinator, joined by BNP Paribas, Danske Bank, Standard Chartered Bank and Commerzbank.