State-guaranteed EUR 400m coronavirus financing

One of Denmark's largest state-guaranteed coronavirus financings so far has fallen into place. Plesner advised an international syndicate of banks represented by Nordea in connection with the establishment of a new EUR 400m credit facility for Pandora A/S.

The new credit facility is guaranteed by Vaeksfonden, the Danish state's investment fund, under its new guarantee scheme for large businesses. The financing is among the largest financings guaranteed so far under the new guarantee schemes for COVID-19 established under the auspices of Denmark's Credit Export Agency (EKF) and Vaeksfonden in March.

At the same time Plesner advised a group of lenders represented by Nordea in connection with an alteration of the terms of a DKK 6.5bn revolving credit facility for Pandora.

Pandora is a global jewellery brand with more than 28,000 employees and more than DKK 21bn in revenue in 2019.

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