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Monday 2, May 2022

COFIDES approves the request for financing of 8.9 million euros to Sunsundegui.

The financing will be provided through a participative loan of 4.5 million euros and an ordinary loan of 4.4 million euros.

The Technical Investment Committee of the Fund for the Recapitalization of companies affected by COVID-19 (FONREC), managed by COFIDES, has authorized the financing of 8.9 million euros to Sunsundegui through a participative loan of 4.5 million euros and an ordinary loan of 4.4 million euros. A joint venture comprising Crowe & Horwath HTL Partners as financial advisors and Montero-Aramburu as legal advisor participated in the analysis of the transaction.


This financing is part of the 2022-2027 Viability Plan that the Navarre car body manufacturer has implemented to achieve the viability of the company -through the increase in order portfolios, the development of new bodyworks and models for the future, digitalization, enhancement of occupational and environmental safety, and the recovery of employment- and to be able to face the repayment of the temporary public financial support, thus becoming a solvent, sustainable and future-proof company. This plan was rated “B” in 2019 by the external rating agency appointed by Cofides.


The objective of FONREC, endowed with €1 billion of public origin, is to prevent the destruction of jobs and the productive fabric at national and regional level. The fund is aimed at medium-sized companies with sales between 10 and 400 million euros whose long-term viability is affected by the effects of the pandemic. FONREC’s repayable financing can range from EUR 2.5 million to EUR 25 million and can take the form of temporary investments in the form of equity participations, participating loans and other financial instruments. The duration of the financing is a maximum of eight years, although the spirit of the fund seeks a rapid amortization of the investments (around five years). The analysis and structuring of each transaction is carried out on an individual basis with the support of renowned financial consultants and law firms.

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