Capital/Financing Update • Jul 12, 2011
Capital/Financing Update
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July 12, 2011 - 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:
The Bank of Tokyo Mitsubishi UFJ BNP Paribas Citi Crédit Agricole Corporate and Investment Bank HSBC France (mandated as Facility Agent) Natixis The Royal Bank of Scotland Société Générale Corporate & Investment Banking (mandated as Documentation Agent)
Mandated Lead Arrangers:
Banco Santander Commerzbank JP Morgan Unicredit
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
For any further enquiries, please contact one of the following:
| Investor Relations Valérie Magloire +33 (0) 1 78 76 45 37 +33 (0) 6 76 21 88 12 (cell) [email protected] |
Alban de Saint-Martin +33 (0) 4 73 32 18 02 +33 (0) 6 07 15 39 71 (cell) [email protected] |
|---|---|
| HSBC France | Société Générale Corporate & Investment Banking |
| Nicolas Marchand | Alexandre Girod |
| +33 1 40 70 25 86 | + 33 1 42 13 79 73 |
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