Leonardo has signed a new revolving credit facility with a pool of domestic and international banks.
The Revolving Credit facility provides for the payment of a margin of 75 basis points above the Euribor, down by 25 basis points compared to the previous conditions.
The size of 1,8 billions of euros has also been reduced, compared to the 2 billion of the previous one, and the expiry in February 2023 was extended, currently free of repayment commitments on the capital market.
Alessandro Profumo, Managing Director, commented "the renegotiation of the Revolving Credit Facility is a further step forward in the implementation of a disciplined financial strategy. The favorable market conditions have led us to renegotiate the credit line in order to further reduce the financial charges, confirming the progressive easing of the financing needs of working capital, while maintaining a source of bank liquidity in line with market expectations. financial services, including credit rating agencies. "
The new RCF was underwritten by 26 banks, resulting in an oversubscribment for 3,6 billion euros; the success of the operation confirms the interest of the market for Leonardo.
The banks of the pool that have signed the renegotiation are:
- Mandated Lead Arrangers and Bookrunners: The Bank of Tokyo - Mitsubishi UFJ ltd - Milan Branch, Unicredit SpA, Commerzbank Aktiengesellschaft - Milan Branch, Cassa Depositi e Prestiti, BNP Paribas - BNL, Su mitomo Mitsui Banking Corporation Europe Limited - Milan Branch, HSBC Bank plc - Milan Br anch, Citibank NA - Milan Branch, Barclays Bank Plc - Milan Branch, Banco BPM, Banco Bilbao Vizcaya Argentaria SA - Milan Branch, Intesa Sanpaolo SpA Crédit Agricole Corporate and Investment Bank ,, Société Générale - Milan Branch, Bank of America NA - Milan Branch, Banco Santander SA
- Lead Arrangers: Natixis SA - Milan Branch, NatWest - The Royal Bank of Scotland Plc - Milan Branch, Deutsche Bank, UBI Banca.
- Co - Arrangers: Banca Popolare Emilia Romagna Soc. Coop, Mediobanca, Bank of China Ltd - Milan Branch, Jp Morgan Chase Bank NA - Milan Branch, Crédit Industriel et Commercial, Banca Popolare di Sondrio ScpA.
Unicredit has played the role of Global Coordinator, Coordinating and Documentation Bank and Agent Bank.
For the purpose of the transaction, the pool of banks was assisted by LinkLaters and Leonardo by Clifford Chance as legal advisors.