187
The Credit Agreement 2011 is an agreement, entered into by
Prysmian on 7 March 2011 with a syndicate of major banks, for
Euro 800 million with a five-year maturity. This agreement
comprises a loan for Euro 400 million (Term Loan Facility 2011)
and a revolving facility for Euro 400 million (Revolving Credit
Facility 2011). The entire amount of the Term Loan Facility
2011 is scheduled for repayment on 7 March 2016; the loan has
therefore been classified in non-current liabilities.
At 31 December 2013, the fair values of the Credit Agreements
2010 and 2011 approximate the related carrying amounts.
Fair values have been determined using valuation techniques
that refer to observable market data (Level 2 of the fair value
hierarchy).
The Revolving Credit Facility 2010 and the Revolving Credit
Facility 2011 are both intended to finance ordinary working
capital requirements, while only the Revolving Credit Facility
2010 can also be used for the issue of guarantees.
The securitization programme was terminated on 25 July 2013
upon reaching its end date.
EIB Loan
On 18 December 2013, Prysmian S.p.A. entered into a loan
agreement with the European Investment Bank (EIB) for
Euro 100 million, to fund the Group’s European research &
development (R&D) programmes over the period 2013-2016.
The EIB Loan is particularly intended to support projects
developed in the Group’s R&D centres in six countries: France,
Great Britain, The Netherlands, Spain, Germany and Italy
and represents about 50% of the Prysmian Group’s planned
investment expenditure in Europe during the period concerned.
The EIB Loan was received on 5 February 2014; it will be repaid
in 12 equal half-yearly instalments starting on 5 August 2015
and ending on 5 February 2021.
Bonds
As at 31 December 2013, the Prysmian Group had issued the
following bonds:
Non-convertible bond issued in 2010
On 31 March 2010, Prysmian S.p.A. completed the placement
of an unrated bond with institutional investors on the
The following tables summarise the Committed Lines available to the Group at 31 December 2013 and 31 December 2012:
(in millions of Euro)
31 December 2013
Total lines
Used
Unused
Term Loan Facility 2010
184
(184)
-
Term Loan Facility 2011
400
(400)
-
Revolving Credit Facility 2010
400
(3)
397
Revolving Credit Facility 2011
400
400
Total Credit Agreements
1,384
(587)
797
EIB Loan
100
-
100
Securitization
-
-
-
Total
1,484
(587)
897
(in millions of Euro)
31 December 2012
Total lines
Used
Unused
Term Loan Facility 2010
670
(670)
-
Term Loan Facility 2011
400
(400)
-
Revolving Credit Facility 2010
400
(4)
396
Revolving Credit Facility 2011
400
-
400
Total Credit Agreements
1,870
(1,074)
796
Securitization
150
(75)
75
Total
2,020
(1,149)
871
