A consortium of banks has signed €475mn (US$596.7mn) in revolving credit lines for Italy-based metal processors KME Group.
The dual-tranche credit facility, which is split into tranche A and an asset-based lending tranche B, will begin in September 2011 and is due to mature in 2015.
This facility is based on KME Group’s previous facility which was started in 2006, and had a shorter tenor and requested higher securities.
The funds will be used for general corporate purposes across the entire group.
While KME Group will not release the specific pricing, they have commented that it is “roughly in line with that of the extended facilities”.
Deutsche Bank, Banca Nazionale del Lavoro and UniCredit acted as mandated lead arrangers, while the lead arrangers comprised of Mediobanca, Intesa San Paolo, Commerzbank and Banca Popolare di Milano.
Banca Monte dei Paschi di Siena completed the consortium by acting as first additional lender.
Last Updated July 12, 2010
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