219
12. BORROWINGS FROM BANKS AND OTHER LENDERS
Credit Agreement 2010 and Credit Agreement 2011
The credit agreement entered into on 18 April 2007 (“Credit
Agreement”), under which Prysmian S.p.A. and some of its
subsidiaries were granted an initial total of Euro 1,700 million
in loans and credit facilities, was repaid on 3 May 2012. The
Group repaid the residual balance of Euro 670 million relating
to the Term Loan Facility and Euro 5 million in amounts
drawn down against the Revolving Credit Facility for Euro 400
million. The Bonding Facility for Euro 300 million had been
cancelled on 10 May 2011 in advance of its natural maturity.
On 3 May 2012, this credit agreement was replaced with the
activation of the Forward Start Agreement (now termed
Credit Agreement 2010) previously signed by the Group on 21
January 2010 with a pool of major national and international
banks. This is a long-term agreement for Euro 1,070 million
in financing (maturing on 31 December 2014), negotiated in
advance of its period of use, under which the lenders would
provide Prysmian S.p.A. and some of its subsidiaries loans and
credit facilities for a total of Euro 1,070 million.
These are detailed as follows:
Borrowings from banks and other financial institutions and the bond are analysed as follows:
(1)
Credit Agreements refer to the following lines: Term Loan Facility 2010 and Term Loan Facility 2011
(in millions of Euro)
31 December 2012
Non-current
Current
Total
Borrowings from banks and other financial institutions
1,023
344
1,367
Bond
398
15
413
Finance lease obligations
12
2
14
Total
1,433
361
1,794
(in millions of Euro)
31 December 2011
Non-current
Current
Total
Borrowings from banks and other financial institutions
469
964
1,433
Bond
397
15
412
Finance lease obligations
14
3
17
Total
880
982
1,862
(in millions of Euro)
31 December 2012
31 December 2011
Credit Agreement
(1)
1,060
1,070
Other borrowings
307
363
Total borrowings from banks and other financial institutions
1,367
1,433
Bond
413
412
Total
1,780
1,845
