ICO Internationalisation Credit Line

ICO credit lines which enable Banco Sabadell to grant preferred loans for financing foreign investments in new productive assets or in holdings in companies abroad.

Aim

• If it includes real estate investment, this must not be over 80% of the project.
• If it includes intangible investment, this must not exceed 50% of the project, except when it is of a technological nature, in which case there is no limitation
• Up to 20% of operating assets is permitted if linked to the investment
• There is no limitation for tangible investment.
• Incorporation expenses and initial costs can be financed up to 10% of the total investment
• The investment must not have been commenced before 1 July 2006 and should materialise in its entirety within a maximum period of 24 months as of the signing of the financing contract

Requirements

The beneficiaries of the financing should be:

Tranche I: SME

a. resgistered in Spain, or abroad but mainly financed with Spanish capital
b. less than 250 employees
c. turnover of less than 50 million Euros, or a balance that does not exceed 43 million Euros
d. no participation of 25% or more by a company that does not compy with points 2 and 3
e. does not consolidate annual accounts with another company

Tranche II: Other companies

a. Rest of companies registered in Spain, or abroad but mainly financed with Spanish capital

Conditions

• Modality : loan
• Maximum amount : 80% of the project without exceeding
  • Tranche I: 1,500,000 Euros (or equivalent in USD)
  • Tranche II: 6,000,000 Euros (or equivalent in USD)

Exceptionally ICO could grant up to 6 million for
companies in Tranche I.

• Loan Periods :
  • 5 years (with or without deferring 1 year)
  • 7 years (with or without deferring 2 years)
  • 10 years (with or without deferring 3 years)
• Fees : exempt
• Currency : Euro or USD
• Interest rate :

Tranche I :

• Variable: LIBOR/EURIBOR (6m) + 0.40 points
  The final rate is the result of adding 0.75 points to the ICO loan rate (LIBOR/EURIBOR (6m) �? 0.35 points)
• Fixed: ICO loan rate + 0.40 points
  The final rate is the result of adding 0.75 points to the ICO loan rate (rate published by ICO 0.35 points)

Tranche II:

• Variable: LIBOR/EURIBOR (6m) + 0.75 points
• Fixed: ICO loan rate + 0.75 points
  The loan rate is the published by ICO

• Repayment :
  Euro: monthly, quarterly or biannual
  USD: biannual