Piaggio Group obtains two loans for a total amount of 45 million euro
Transaction partners Banca Popolare di Milano and Banca del Mezzogiorno-Mediocredito Centrale
Milan, 30 December 2016 – Piaggio & C. S.p.A. has just obtained two mid-term unsecured bilateral loans for amounts totalling 45 million euro, with Banca Popolare di Milano and Banca del Mezzogiorno-Mediocredito Centrale.
Specifically, Banca Popolare di Milano has granted Piaggio 25 million euro, consisting of a 5-and-a-half-year 12.5 million euro amortising loan, and a tranche for the same amount in the form of a 4-year revolving credit facility
In addition, Piaggio has arranged a 5-and-a-half-year 20 million euro revolving credit facility with Banca del Mezzogiorno-Mediocredito Centrale.
The two new lines of credit are part of the Piaggio Group’s on-going activities to optimise its debt structure in order to refinance the portion due in 2017, extend its average debt maturity and reduce its average borrowing cost.