Debt reprofiling preserves around R$4.3 billion in
cash reserves over the next four years;
Average debt term goes from 22 to 72 months,
with a reduction of 1.5 pp in the average cost.
SÃO PAULO, May 1, 2024
/PRNewswire/ -- Grupo Casas Bahia
has just closed an agreement with their main creditors, Bradesco
and Banco do Brasil, which will preserve R$4.3 billion in cash reserves until 2027, of
which R$1.5 billion just in 2024. The
agreement includes a grace period of 24 months for interest
payments and 30 months for principal payments. The average
amortization period goes from 22 to 72 months, with a reduction of
1.5 pp in the average cost, which represents a saving of
R$400 million during the period.
"We are very pleased to have been able to achieve this debt
reprofiling, which was only possible thanks to the successful
advancement of the operational levers of our Transformation
Plan. The agreement reflects confidence in our plan and in the future of the company", highlights
Renato Franklin, CEO of the
Group.
The operation has a restricted scope, that is, it only includes
unsecured financial debts, such
as debentures and CCBs issued with banks.
With the debt prolongation and cost reduction, the step
brings even more confidence and security to all
the Group's suppliers, partners, customers, and employees.
"This agreement, already approved by our main financial creditors,
was among our priority goals for the year and,
thanks to the work already done so far, we were able to complete it
ahead of schedule", adds Franklin.
The Grupo Casas Bahia's Transformation Plan is making strong
progress. In the last quarter of 2023, the Company once again
recorded a positive free cash flow, signaling that the
restructuring of the business is paying off.
About Grupo Casas Bahia
Grupo Casas Bahia is present in
the minds, hearts and homes of Brazilians, with e-commerce and
stores under the Casas Bahia and Ponto brands; online sales at
Extra.com.br; banQi's financial solutions; the Bartira furniture
factory, and the logtech Asap Log. Constantly
evolving, today it's the relationship and consumption platform for Brazilians, wherever, whenever, and however
they want. The company invests their efforts beyond retail,
presenting a shopping journey that places the customer as its main
focus. To this end, it develops unique levers that enable the best
experience through offers of products, services, financial and
logistics solutions.
With around 40 thousand employees, Grupo
Casas Bahia has had public capital at B3 since 2013, maintaining a
strong operation in more than 400 municipalities, 22 states and the
Federal District. Through the most digital and robust logistics
network in Brazil, it connects
around 1.1 thousand physical stores, 29 distribution centers and
delivery hubs to around 97 million customers, offering products,
credits, financial services and solutions developed with the
highest technology.
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SOURCE Grupo Casas Bahia