Price sensitive
Prelios S.p.A. announces that the agreements on refinancing theCompany, already presented in the press release of 11 November 2011, have been finalizedtoday for a total amount of 539 million euro of fully committed lines.
With conclusion of the refinancing, reached in advance of the deadline of 31 July 2012, Prelioscan now focus on the development of its business in keeping with the guidelines of the 2012-2014 trend, boosting cash flow by divesting assets and reducing costs.
Specifically, the following contracts have been signed:
• renewal of the Club Deal1 financing for a total amount of 359 million euro to 31December 2014, with amortization;
• renewal of the previous financing granted by Pirelli & C. S.p.A. (following the process ofseparation from the Company which took place in October 2010) for an amount of 160million euro with total reimbursement on expiration at 31 July 2017;
• in the context of the commitments assumed with the Club Deal financing, a new financingagreement for 20 million euro with Intesa Sanpaolo, with expiration of 18 months less1 day.
The financing with Pirelli & C. can be classified as a related party transaction (because of therelationship existing between Prelios and Pirelli through Camfin, which, under the terms ofConsob Regulation No. 17221 of March 12, 2010, exercises “considerable influence” overPrelios). The transaction has "major significance" since it exceeds the thresholds identifiedunder the terms of Art. 4, comma 1, Lett. a) of the aforementioned Consob Regulation. Thetransaction was approved unanimously by the Board of Directors, following a favourableopinion, also unanimous, of the Committee for Transactions with Related Parties, made upentirely of independent directors.
Conditions and terms of the financing are illustrated in the disclosure document on thetransaction which, pursuant to Art. 5 of the aforementioned Regulation, will be made available tothe public at the company's registered office and at Borsa Italiana SpA, and published on thecompany's website www.prelios.com on December 30, 2011.
With conclusion of the refinancing, reached in advance of the deadline of 31 July 2012, Prelioscan now focus on the development of its business in keeping with the guidelines of the 2012-2014 trend, boosting cash flow by divesting assets and reducing costs.
Specifically, the following contracts have been signed:
• renewal of the Club Deal1 financing for a total amount of 359 million euro to 31December 2014, with amortization;
• renewal of the previous financing granted by Pirelli & C. S.p.A. (following the process ofseparation from the Company which took place in October 2010) for an amount of 160million euro with total reimbursement on expiration at 31 July 2017;
• in the context of the commitments assumed with the Club Deal financing, a new financingagreement for 20 million euro with Intesa Sanpaolo, with expiration of 18 months less1 day.
The financing with Pirelli & C. can be classified as a related party transaction (because of therelationship existing between Prelios and Pirelli through Camfin, which, under the terms ofConsob Regulation No. 17221 of March 12, 2010, exercises “considerable influence” overPrelios). The transaction has "major significance" since it exceeds the thresholds identifiedunder the terms of Art. 4, comma 1, Lett. a) of the aforementioned Consob Regulation. Thetransaction was approved unanimously by the Board of Directors, following a favourableopinion, also unanimous, of the Committee for Transactions with Related Parties, made upentirely of independent directors.
Conditions and terms of the financing are illustrated in the disclosure document on thetransaction which, pursuant to Art. 5 of the aforementioned Regulation, will be made available tothe public at the company's registered office and at Borsa Italiana SpA, and published on thecompany's website www.prelios.com on December 30, 2011.