Germany-based home improvement retailer Praktiker Bau Und Heimwerkermaerkte Holding AG (PKKRF.PK) said Saturday that it has reached an agreement with a bank consortium led by Commerzbank AG (CRZBY.PK) to transfer all its bilateral loans into a joint credit agreement.
The company noted that the deal will enable it to handle its operational business and also support its upcoming restructuring process. According to Praktiker, the scope of funds made available to it, a sum in the mid double-digit million euro range, will remain unchanged.
"Thus, Praktiker can continue to cover the possible risk of any financing peaks - which are typical for the upcoming spring season - by short-term access to these overdraft facilities", the company said in a statement.
Further, Praktiker said that all commercial credit insurance providers cooperating with the company have contractually committed themselves to keeping up existing supplier credits based on corporate needs also in the long term.
Praktiker operates home improvement and do-it-yourself or DIY stores in Europe.
Praktiker's stock closed Friday's trading on the Xetra at 2.07 euros, up 0.05 euros or 2.48 percent on a volume of 1.23 million shares.
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