08/28/2023 – 21:50
There was a mistake in the previously published note. Ronaldo Pereira Jr. is CEO of Ri Happy and not CFO, as informed. Here is the corrected version.
The toy retail chain Ri Happy closed an agreement with a group of nine banks and extended debts in the amount of BRL 289 million for terms of four years (2027) and five years (2028). The information was collected by the BroadcastGrupo Estado’s real-time news system, and confirmed by the retailer.
As part of the restructuring, which was carried out by Starboard, the US fund Carlyle committed to inject R$ 75 million, resources that will be directed towards guaranteeing the company’s cash flow and the supply of stores on the main dates of the retailer, the Children’s Day and Christmas. The two events are responsible for 40% to 50% of the company’s second half revenue.
Banco do Brasil, Santander and BV have around 75% of this debt. Bradesco, Daycoval, ABC Brasil, Original, Caixa and BIB form the rest of the group of creditor banks. There is a grace period for payment of debts until the second half of 2024.
With the restructuring, the idea is that the company has a stable cash flow to guarantee the perpetuity of the company, without the need for a new renegotiation with creditors. The Ebitda projection for this year is between R$ 80 million and R$ 100 million.
Ri Happy also carried out smaller renegotiations with malls. “We have already negotiated with all the major groups, who were great partners. We still have a few, which are in the final stage”, said the CEO of Ri Happy, Ronaldo Pereira Jr. Broadcast. He recalls, however, that “negotiating with malls is part of the daily life” of companies in the sector, since there are always “adjustments, increases, reductions, new stores and closures”. He also guarantees that the contracts that are still being renegotiated represent values of little relevance.
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