Cookie Consent by Free Privacy Policy website PIAGGIO GROUP: 250 MILLION EURO MEDIUM-TERM LINE OF CREDIT GRANTED BY POOL OF BANKS
june 12, 2018 - Piaggio Group

PIAGGIO GROUP: 250 MILLION EURO MEDIUM-TERM LINE OF CREDIT GRANTED BY POOL OF BANKS

Milan, 12 June 2018The Piaggio Group (PIA.MI) has arranged a five-year 250 million euro line of credit with a pool of banks comprising Bank of America Merrill Lynch, Banca Nazionale del Lavoro, HSBC, Banca IMI, ING Bank, Mediobanca and Unicredit (all acting as mandated lead arrangers and bookrunners).

The main purpose of the facility is to refinance the 175 million euro revolving line expiring in July 2018 and the 25 million euro term loan – expiring in July 2019 – granted by the same pool of banks.

The line of credit consists of a 187.5 million euro revolving facility and a 62.5 million euro amortising term loan.

The line of credit offers better economic terms than refinanced lines of credit: in addition to a reduced cost of borrowing, the new facility will enable the Piaggio Group to enhance the quality of its debt profile by increasing financial flexibility and extending residual average life to about 5 years.