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Tarkett secures liquidity by obtaining more lines of credit

29.06.2020 − 

At the end of May, Tarkett has successfully wrapped up talks that it began in spring about securing additional lines of credit. According to a press release issued on 26 May, its liquidity will increase by €245m as a result. Some €175m of this sum is for a short-term revolving credit facility with a one-year maturity. This period can be extended by six months at Tarkett’s request and by another six months at the discretion of the consortium of banks involved in the financing, made up of BNP-Paribas, Groupe Crédit Agricole, Commerzbank, HSBC, Société Général, BECM and La Banque Postale.

In addition to the line of credit, the seven banks will provide a €70m loan granted within the PGE framework (guaranteed by the French state). This one-year maturity loan has an extension option ranging from one to five years. In return, Tarkett has committed to not distributing a dividend in 2021 in the event these new credit lines are drawn.

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