Antolin - comment

The new €150m 2032 ICO-backed loan (funding available to companies affected by US tariffs) is great news. The company had been alluding to negotiations, but we had been too sceptical. Effectively state guaranteed and with a generous 18-month grace period, we understand this loan to be unsecured. We have not read of this loan benefiting from the guarantee package that backs the Senior Facilities, EIB facilities and the COVIDES facility, but because the loan has been provided by Antolin’s usual relationship banks (HSBC, Sabadell, CaixaBank, Santander, and agent BBVA), we think it more prudent to treat it pari passu with the SUNs for now.