Prysmian Group, a world leader in the energy and telecom cable systems industry, said it has refinanced its €1-billion ($1.12 billion) long-term revolving credit facility with a pool of leading Italian and international banks.
The strong interest shown by the banks invited to participate and the improved conditions offered by the new agreement demonstrate that the banking system remains confident in the group.
The pool of banks that participated in the transaction included the Bookrunners Banca IMI, BNP Paribas, Citi, Crédit Agricole CIB, ING, Mediobanca and Unicredit.
Mediobanca is acting as Documentation and Facility Agent and BNP Paribas as the Issuing Bank in case of non-cash utilisation, said a statement from the company.
The significant five-year credit facility will contribute to further improving the group's financial structure by extending the average maturity of its financing, while retaining the flexibility that the instrument offers.
The credit facility replaces an analogous facility that was close to maturity, and the funds will be
available for business and working capital needs, including the refinancing of existing facilities, it added.
Giovanni Zancan, Group Finance Director, said: "Although the group is now much larger, we preferred not to increase - and indeed to decrease slightly - the number of participating relationship banks.
The fact that all banks invited accepted is of great satisfaction, stated Zancan.
A global industry leader, Prysmian Group has almost 140 years of experience operating in the businesses of underground and submarine cables and systems for power transmission and distribution, of medium and low voltage cables for the construction and infrastructure sectors.
With a 29,000-strong global workforce in over 50 countries and 112 plants, it boasts a sales of over €11 billion.-TradeArabia News Service