Wallbox refinances its debt of 169 million euros

BarcelonaWallbox, the Catalan company for electric car charging systems, has closed the debt restructuring agreement for an amount of 169.5 million euros with the main creditors, representing more than 83% of the company's financial debt, as well as the main shareholders and institutional investors, through a capital increase. An increase in which the Generalitat will become a shareholder in the company.

The agreement is subject to the signing of the corresponding documentation, scheduled for April 8, as well as its judicial approval and the fulfillment of usual conditions. The company has explained that this process aims to stabilize its capital structure, ensure sufficient liquidity to execute the business plan, and better align future debt obligations with projected cash generation.

The agreement reached with Banco Santander, BBVA, CaixaBank, and other credit institutions creates a new framework agreement, which includes revised maturities, amortization profiles, and interest conditions. Thus, the existing debt will be structured with a framework loan of 57.6 million maturing in December 2030, and amortization will begin in the third quarter of this year with a progressive profile. Furthermore, a bullet instrument (a financing method where the principal capital is repaid in a single payment at the end of the term, while during the life of the loan only interest is paid) of 69.1 million euros is created, also maturing in December 2030, with interest payable in kind, capitalizable, and repayable at maturity.

A working capital framework agreement has also been reached for approximately 42.8 million euros, which retains the key characteristics of its financing within a syndicated structure maturing on December 31, 2030.

Capital increase

The restructuring plan also foresees a capital increase of 10.65 million euros and new financing of up to 12.5 million by participating banks. Specifically, strategic shareholders –Orilla Asset Management, Inversiones Financieras Perseo (Iberdrola), AM Gestión, Consilium, Mingkiri, and the company's CEO, Enric Asunción– will provide an injection of 5.65 million, to which 5 million more will be added by the Generalitat, through Ifem (Instruments Financers per a Empreses Innovadores).

The 12.5 million financing will be provided by the participating banks to support the company's working capital and optimize treasury management, with 50% of the credit line guaranteed by an export credit agency.

The CEO, Enric Asunción, has celebrated that the agreement strengthens Wallbox's financial position and "lays the groundwork for starting a new phase" focused on improving operational results and consolidating the business in the main markets.