In view of the merger with Impregilo, Salini has “optimized” the financial structure. The company has obtained approval from a group of Italian and international banks for an unsecured Term Loan Facility of 425 million euro, with a 3-year maturity, to refinance the debt contracted for the takeover bid and some pre-existing credit lines, and an unsecured revolving facility of 100 million with a 3-year maturity to provide liquidity back-up.
The finalization of the contracts, explains Salini, "will take place in the coming weeks". The operation is worth 525 million euros. In this way, the Salini Impregilo group "obtains a lengthening of the average maturities of financial debt and increases cash elasticity and financial flexibility".
Banca Imi, Bnp Paribas, Natixis and Unicredit – concludes the construction group – participate in the operation as mandated lead arrangers, while Banco Santander and Banco Bilbao as co-arrangers. By mid-morning, Impregilo shares gained 0,41% in Piazza Affari.
