UNICREDIT COORDINATES €100 MILLION FINANCING FOR MAJOR FASHION RETAILER
Friday 12 June 2020
UniCredit has successfully completed a €100 million financing agreement for OVS, a leading Italian fashion retailer
This is the first transaction in SACE’s guarantee programme “Garanzia Italia”, provided by the Italian government through the decree issued in response to the Covid-19 emergency. The transaction has been completed by a pool of banks through the “ordinary procedure”, with UniCredit acting as the global coordinator.
The deal confirms UniCredit commitment to supporting the Italian economy. Thanks to these funding arrangements, companies such as OVS are able to strengthen their financial structure, restore normality to supplier payments in Italy and to advance the payment of salaries to employees who are eligible for the temporary redundancy fund benefits.
UniCredit’s co-CEO for Western Europe, Francesco Giordano commented, “ensuring companies receive the financial support they need, with haste, is key to help companies gradually return to pre-Covid levels of liquidity. This is crucial for the economic recovery of the country”. He added that “UniCredit continue to work with clients to provide them with access to all the support schemes put in place by the Italian government: we were the first to arrange a loan with SACE’s “Garanzia Italiana” programme and now the first to have coordinated a larger loan within the scheme. We are and remain fully committed to supporting the Italian economy”.
* SACE‘s “ordinary procedure” applies for loan applications of more than 375 million euros from companies with a turnover higher than or equal to 1.5 billion euros or with 5,000 or more employees in Italy.