The Mexican retailer Coopel reported Tuesday that it signed a syndicated loan with a group of banks for 40,000 million pesos (2,005 million dollars) that will be used mainly for refinancing operations.
The loan was led by banks BBVA, HSBC, Santander and Scotiabank, the firm, which has department stores, a financial unit and a retirement fund manager, explained in a statement.
"85% of the loan amount will be used for refinancing, and the remainder will be used for the growth of the company," said Coppel. "The construction of a work center focused on software programming will also continue," he added.
Coppel, which closed 2020 with 1,600 stores in the country, will invest about 6,400 million pesos over the next four years to open another 400 stores and expand its logistics capacity.
The company, owned by the billionaire Coppel family, planned to list its company on the local stock exchange in 2018, after delisting it in 2007, according to information from Refinitiv Eikon, but postponed the process indefinitely.
