The Carraro Group and Banco Bpm have signed a multi-year loan agreement for a maximum amount of 100 million euros.
The transaction joins the 180 million Euro bond just issued by Carraro International and is aimed at supporting the short and medium-term operating needs deriving from the expected growth of the Padua-based group which communicated its new business to the financial community a few months ago plan.
Carraro is an international group active in transmission systems for off-highway vehicles and specialized tractors, with a consolidated turnover of 2016 million euros in 593,7.
“The agreement with Banco Bpm represents a new and fundamental stage which will allow the completion of the process of reorganization of the coverage of the Group's financial needs and, now that the restructuring phase can be considered completed, to support normal operations in line with the new business plan recently presented to the market”, commented Enrico Elbow, Group CFO.
“Banco Bpm intends to assist Italian industrial realities in their growth path, accompanying them with services with high added value capable of generating competitive advantages that can be defended over time. – Luca comments Manzoni, Corporate Manager of Banco BPM – Consistent with this proposition, Banco BPM has decided to support the experience and expertise of an Italian excellence such as the Carraro Group. An example of how the Bank is supporting the improvement of the macroeconomic scenario, after the years of economic crisis, allowing the Carraro Group to strengthen its leadership and return to a path of growth in its core business.”.
The loan, organized by Banco Bpm, is structured in two lines of credit, an Amortizing Term Loan and a Revolving Credit Facility expiring in 2023, provides for the possibility for a limited number of relationship banks to join Banco Bpm and is subject to the definition of a loan agreement on conditions of mutual satisfaction for the parties on the basis of the terms and conditions already identified in the document signed today.
