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FINANCIAL STATEMENTS AND EXPLANATORY NOTES
316
| 2012 annual report prysmian group
Credit Agreement 2010 and Credit Agreement 2011
The evolution of the Credit Agreements 2010 and 2011, signed
at Group level, is summarised below, along with their impact
on the Company’s financial statements.
On 3 May 2012, the Group repaid the credit agreement signed
on 18 April 2007 (Credit Agreement) under which Prysmian
S.p.A. and some of its subsidiaries had been granted an initial
total of Euro 1,700 million in loans and credit facilities (of
which Euro 100 million provided to Prysmian S.p.A.).
The Group repaid the remaining balance on the Term Loan
Facility for Euro 670 million (of which Euro 67 million repaid by
Prysmian S.p.A.) 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 Credit 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
(maturing on 31 December 2014), negotiated in advance of its
period of use, under which the lenders have made available to
Prysmian S.p.A. and some of its subsidiaries loans and credit
facilities totalling Euro 1,070 million (of which Euro 320 million
provided to Prysmian S.p.A.).
This credit agreement is split at a Group level as follows:
(in thousands of Euro)
Term Loan Facility 2010
670,000
Revolving Credit Facility 2010
400,000
(1)
Credit Agreements refer to the following lines: Term Loan Facility 2010 and Term Loan Facility 2011.
(in thousands of Euro)
31 December 2012
31 December 2011
Credit Agreement
(1)
713,033
462,117
Bond
412,819
411,817
Other borrowings
722
2,001
Total
1,126,574
875,935
Borrowings from banks and other financial institutions and the bond are analysed as follows:
