Leonardo has signed a new Term Loan Facility with a pool of domestic and international banks for the purpose of refinancing existing debt.
The credit line amounts to €500 million and has a maturity of 5 years. It's terms include the payment of 110 basis points above 6 months Euribor and the bullet redemption of a total amount at maturity.
This credit line is in accordance with the terms and conditions of the Revolving Credit Facility (renogotiated on 2018 February), and is under English Law.
Alessandro Profumo, CEO of Leonardo, commented: “The signing of this Term Loan Facility is a sign of us of implementing our disciplined financial strategy. It means we can also reduce further the group's financial charges, in line with Industrial Plan targets. The current market conditions have enabled us to take advantage of this form of refinancing. We've achieved a successful refinancing, signed by 13 banks, and oversubscribed for more than double the requested amount. It confirms the interest of the market, and allows us to better diversify our funding sources”.
