Compagnie Financière Michelin, a fully-owned Michelin subsidiary, signed on July 12 with a group of 21 banks a new EUR 1.5 billion multi-currency revolving credit facility (“the Facility”). The Facility, which is intended to replace the 2005-2012 EUR 1.5 billion syndicated line, will be used for general corporate purposes. This new Facility is in line with the Group’s debt refinancing strategy. The Facility has a five-year tenor and incorporates two 1-year extension options at each lender’s discretion.
The syndication was successfully launched on 27 May 2011, and closed largely oversubscribed, thus demonstrating a very positive valuation of the Michelin Group’s credit risk by the market.
The final syndicate stands as follows:
Mandated Lead Arrangers and Bookrunners:
- The Bank of Tokyo Mitsubishi UFJ
- BNP Paribas
- Crédit Agricole Corporate and Investment Bank
- HSBC France (mandated as Facility Agent)
- The Royal Bank of Scotland
- Société Générale Corporate & Investment Banking (mandated as Documentation Agent)
Mandated Lead Arrangers:
- Banco Santander
- JP Morgan
- Bank of America Merril Lynch
- Caisse Regionale de Credit Agricole Mutuel Centre France
- CM-CIC acting through BFCM and CIC
- Deutsche Bank
- Industrial and Commercial Bank of China
- Intesa Sanpaolo
- Mizuho Corporate Bank
- Royal Bank of Canada
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This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the www.michelin.com website.
This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.