Seven-year € 250 mln financing agreement with Banca Intesa and Mediobanca
Pontedera, 23 December 2005 – Piaggio & C. S.p.A., Banca Intesa and Mediobanca today signed the financing agreement for a total of € 250 million approved by the Piaggio Board of Directors on 15 December 2005.
The seven-year financing comprises a € 150 million term loan and a € 100 million revolving credit. It will be used to repay existing borrowings and lines of credit totalling € 317 million, compatibly with the improvement in the Group’s current situation.
The borrowing provides Piaggio with better economic conditions, eliminates encumbrances and guarantees on company assets, and generates an overall improvement in Piaggio debt, in line with the Group’s positive performance over the last two years.