Goldman Sachs and MV Credit sign an agreement for Tinsa's refinancing process with 300 million euros. The debt was subscribed in 2016 for a value of 140 million and expired in July 2022, according to the newspaper Expansión.
Goldman Sachs has assumed most of the financing and MV Credit has contributed 12%, which corresponds to 36 million. The operation will allow Cinven to distribute an extraordinary dividend of about 150 million euros.
Said update of the maturity and amount of the liabilities was required by the owner of Cinven. On the other hand, Tinsa will have a credit line of 65 million euros for acquisitions and another line of 50 million.
During the month of July, the British fund reversed the sale process, with which it hoped to raise 600 million euros. CVC, Blackstone, Centerbridge, AnaCap, Duff & Phelps, JLL and Cbre were among the firms that applied for the purchase. The operation was coordinated by Rothschild and Evercore.
After ruling out the sale of Tinsa, Cinven focused on the growth of the company through the purchase of other companies, such as the acquisition of Valorinmueble or the data analysis company Deyde.
The company has also partnered with Acerta to work together in the role of rehabilitation agent within the Recovery, Transformation and Resilience Plan.
Finally, Acerta and Tinsa Certify set up a comprehensive management vehicle to promote, advise, manage and monitor the rehabilitation works of residential buildings within the turnkey model.
