- The two companies have renewed their credit line agreement, increasing the maximum limit up to €3 billion.
Madrid, August 3rd, 2023.- Logista, one of the largest logistics operators in Europe specialised in distribution to proximity channels has recently announced the renewal of its reciprocal credit line contract with Imperial Brands. The agreement sets a new maximum limit for the credit line of €3 billion increasing the previous limit of €2.6 billion.
One of the relevant conditions of this renewal is the reference interest rate of 6-month Euribor, plus a spread of 75 basis points.
This renewed credit line allows Logista to lend daily its cash surplus to Imperial Brands, or else receive the necessary funds to fulfil payment obligations, thus optimising cash flow generation.
The new conditions will come into effect in June 2024 and contemplates a mandatory period for both parties of three years from that date, after which a six-month notice will be required for its termination.
Pedro Losada, Logista’s Chief Financial Officer, stated “the renewal of this agreement allows us to continue creating value for our shareholders by optimizing Logista's cash generation."
Logista is one of the top logistics operators in Europe, specialising in proximity distribution channels. The company regularly serves nearly 200,000 sales points throughout Spain, France, Italy, Portugal, the Netherlands and Poland, and facilitates the best and fastest market access for a broad range of retail products, pharmaceuticals, electronic recharges, books and other publications, tobacco and lottery products, among others. In addition, Logista operates the largest transportation network in Spain, which is also certified for food safety.
Logista maintains a team of highly qualified professionals, comprised by over 7,000 direct employees and 15,000 collaborators, all of them focused on providing service to customers and adapting to their needs in the most efficient manner.
Committed to sustainability
Logista has been awarded the Ecovadis silver medal, which establishes it among the top 1% of companies in the industry.
The Ecovadis medal adds to other distinctions obtained previously by the company. Once again in 2022, CDP, which recognises global companies leading the fight against climate change, acknowledged Logista’s work as a driver of sustainable change throughout its value chain, including the company in its Supplier Engagement Leader category. In addition, Logista obtained a qualification of A- in its annual index, thus making it into the Leadership category one more year.
Logista’s firm commitment to sustainability has also been recognised once again in October 2022 by Sustainalytics, one of the top evaluators of Corporate Social Responsibility and Corporate Governance worldwide. After analysing the company’s ESG criteria, Sustainalytics awarded it an ESG risk classification of 13.7 over 100, highlighting its Low Risk of experiencing material financial impact due to ESG factors, and thus awarding an Industry TOP RATED 2023 accreditation, as number 11 among 365 evaluated companies in the Transportation industry.