Prysmian Group, a provider of energy and telecom cable systems, has refinanced its €1 billion ($1.13 billion) long-term revolving credit facility with a pool of leading Italian and international banks.
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.
“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,” commented Giovanni Zancan, group finance director.
The pool of banks that participated in the transaction included Banca IMI, BNP Paribas, Citi, Crédit Agricole CIB, ING, Mediobanca and Unicredit as bookrunners. Mediobanca is also acting as documentation and facility agent, and BNP Paribas as the issuing bank in case of non-cash utilization.