Consultant

Prysmian Group restructures its $1.12bn financing deal

The organisation has almost 140 years of experience in the energy and cable systems industry

Italy’s Prysmian Group has announced that it has refinanced its $1.12 billion long-term revolving credit facility with a pool of leading Italian and international banks. Banks which participated in the transaction included the Bookrunners Banca IMI, BNP Paribas, Citi, Crédit Agricole CIB, ING, Mediobanca and Unicredit.

According to a statement from the company, the strong interest shown by banks that participated, and the improved conditions offered by the agreement demonstrated that the banking system remains confident in the group. Prysmian Group also stated that Mediobanca is acting as the Documentation and Facility Agent and BNP Paribas as the Issuing Bank in case of non-cash utilisation.

Giovanni Zancan, group finance director at Prysmian Group, 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.”

The company added that the credit facility replaces an analogous facility that was close to maturity and that the funds will be available for business and working capital needs, including the refinancing of existing facilities. 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 offer.

Prysmian Group has almost 140 years of experience, operating in the businesses of underground and submarine cables and systems of power transmission and distribution of medium and low voltage cables for the construction and infrastructure sectors.

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