Prysmian to establish EMTN program to refinance existing debt

The Board of Directors of Prysmian S.p.A., which met today, has authorised the establishment of a Euro Medium Term Note issuance programme (EMTN Programme) amounting to Euro 3 billion. The EMTN Programme is intended to be listed on the regulated market of the Luxembourg Stock Exchange and has a validity of 12 months.

The Board of Directors has also authorised the issuance of one or more series of non-convertible senior unsecured notes, to be issued under the EMTN Programme, for a maximum overall nominal amount of Euro 3 billion. The single issuances thereunder (each of which can be issued up to a maximum amount of Euro 2 billion, in one or more tranches) will be targeted at institutional investors in Italy and abroad, excluding the United States of America, pursuant to Regulation S of the United Securities Act of 1933. Any notes issued are intended to be listed on the regulated market of the Luxembourg Stock Exchange.

The purpose of this Programme is to refinance existing debt, strengthening the financial structure and extend maturities and consequently support Prysmian’s growth strategy and general corporate purposes.

Pier Francesco Facchini, Chief Financial Officer, Prysmian, said: “This programme will substantially strengthen Prysmian’s financial structure, taking full advantage of debt capital markets to establish a broader base of funding, while benefiting from the increased flexibility which the programme will offer. Prysmian is strongly focused on deleveraging to support its growth strategy, and this greater flexibility, which extends up to three billion euros over a twelve-month period, will cover the existing bridge financing incurred for the acquisition of Encore Wire, while also offering us the possibility to refinance other existing debt.”

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