Antolin has agreed with its creditor banks to extend the maturity of its Senior Facilities Agreement until June 2029. The agreement includes more than €500 million in syndicated debt plus a revolving credit facility.

The financial cost has been set at Euribor plus a credit spread that will vary from 250 to 400 basis points depending on the company’s financial leverage. The agreement gives Antolin’s financial structure more flexibility and strength for years to come.

At the same time, Antolin has made progress in its divestment plan, aimed at strengthening its balance sheet and supporting its strategy by redirecting resources to businesses and products with more growth potential for the company. The goal is to generate robust growth and long-term profitability. The company has just closed several transactions worth €94 million.

“The transactions announced are an integral part of our transformation plan and our strategy to make Antolin a more efficient and better capitalized company, as all these transactions will facilitate our strategic objective to continue deleveraging the company. We remain focused on executing our transformation plan, achieving our €150 million euro divestment target during 2024 and 2025, and therefore fulfilling our commitments with the market”, said Cristina Blanco, Chief Executive Officer of Antolin.

Among the divestments, Antolin has agreed to sell 45% of the joint venture Ototrim, supplier of the largest vehicle manufacturers in the Turkish market, to its partner Diniz Holding. Antolin will raise €45 million through the transaction. Antolin, which after the sale will hold 5% of the joint venture, will continue to work with its Turkish partner going forward.

In addition, Antolin has reached an agreement with Grupo Cosmos, a Spanish automotive supplier with a long and proven track record in the auto industry, to sell its trunk trim business for €31 million. The non-core activity sold includes the manufacturing and assembly operations focused on trunk trim in Alabama (US) and Silao (Mexico) as well as factories of Kecskemet (Hungary) and Rastatt (Germany) and a technical office in Austria, primarily focused on this activity. In total, more than 400 employees work in the business sold.

These two transactions are pending closure of certain regulatory issues.

Finally, the company has completed several sale and leaseback operations at two centers in Spain and Morocco for a joint value of €17.1 million. It has also sold a building for €0.5 million in France. In April, Antolin had announced another sale & leaseback operation worth €6.2 million.