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El Corte Inglés Prices €600 Million Senior Notes Offering

Vinson & Elkins advised El Corte Inglés, S.A. on its offering of €600 million aggregate principal amount of senior notes due 2024. The size of the offering was increased from the initially announced €400 million to €600 million. El Corte Inglés expects to close the sale of the notes on October 13, 2020 and will use the net proceeds from the sale of the notes for general corporate purposes, including to repay its debt as and when maturities come due.

El Corte Inglés, S.A. is the leading department store in Spain and one of the largest retailers in the world by net turnover. The Company offers its customers an omni-channel shopping experience and offers a wide range of goods and services, organized between its retail (fashion, food, household products, and culture & leisure) and non-retail segment (travel agency and insurance) segments. In addition, El Corte Inglés’s real estate portfolio represents one of the largest real estate portfolios in the world.

The V&E team was led by partners Federico Fruhbeck and Noel Hughes, with assistance from counsel Cason Moore, senior associate Matthew Lowe and associates Chris Hesford, Anu Akinbamidele and Clara Aragone Diaz. Partner Wendy Salinas and associate Liz Snyder provided tax advice.

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