CONSOLIDATED FINANCIAL STATEMENTS >
EXPLANATORY NOTES
222
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
39. SUBSEQUENT EVENTS
On 16 January 2014, the Group was awarded a new contract worth approximately USD 24 million by Petrobras, the Brazilian oil
company.
The contract refers to the supply of special Down Hole Technology (DHT) cable systems for the offshore oil&gas industry, which
will be manufactured using Brazilian-sourced materials (steel) at the Group’s plants in Bridgewater, NJ (USA) and Cariacica,
Brazil, and are due to be delivered in July 2014. DHT systems are technology-driven specialty products for oil, gas and geothermal
wells that include Tubing Encapsulated Cables, used in individual wells to monitor temperature, pressure, and other parameters
in order to optimise flows within reservoirs.
On 5 February 2014, the European Investment Bank (EIB) paid the Parent Company Prysmian S.p.A the Euro 100 million loan,
intended to fund the Prysmian Group’s European research & development programmes over the period 2013-2016. The loan
agreement was signed in December 2013 and will fund about 50% of the planned investment expenditure by R&D centres in
six countries: France, Great Britain, The Netherlands, Spain, Germany and Italy. The loan will be repaid in 12 equal half-yearly
instalments starting on 5 August 2015 and ending on 5 February 2021.
On 19 February 2014, Prysmian S.p.A signed a loan agreement for Euro 100 million with Mediobanca - Banca di Credito Finanziario
S.p.A. The agreement has a five-year term and is intended to refinance existing debt and working capital requirements.
On 21 February 2014, the Group sent the syndicate of banks party to the Credit Agreement 2010, a Prepayment Notice that it
would repay early the outstanding loan of Euro 184 million on 28 February 2014.
On behalf of the Board of Directors
The Chairman
Massimo Tononi
Milan, 25 February 2014
