A new chapter is on the purchase of 29.77% of Talgo by Sidenor. If, on Monday, we reported, as published in ElEconomista, that SEPI would offer a convertible loan for 120 million euros, the same sources would increase the amount to 150 million euros.
The aim is not to pay Renfe’s fine but to prevent the railway manufacturer from being excluded from major high-speed tenders in Spain and Europe due to its financial situation. With this credit, Talgo will meet the tenders’ solvency requirements.
The loan, which is subordinated and has higher-than-ordinary interest rates, will alleviate the financial pressure generated by Renfe’s fine of 116 million euros in the company’s accounts. The manufacturer closed 2024 with losses of 107.9 million and a net debt of 403.8 million.
The SEPI loan is key to facilitating the Basque consortium’s acquisition of 29.77% of Talgo, as the purchase money will go to the outgoing shareholders. In addition, the agreement with Renfe includes deferring the penalty payment for seven years, with a six-year grace period. This converts the fine into long-term debt that avoids an immediate impact on liquidity.
The operation was designed to avoid being considered state aid by Brussels.