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CONSOLIDATED FINANCIAL REPORT | EXPLANATORY NOTES
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Syndicated Revolving Credit Facility 2014
On 27 June 2014, Prysmian S.p.A. signed an agreement (the "Credit Agreement 2014") under which a
syndicate of premier banks made available a long-term credit facility for Euro 1,000 million (the "Syndicated
Revolving Credit Facility 2014"). The facility, which expires on 27 June 2019, can also be used for the issue
of guarantees. This new revolving facility was intended to refinance the existing facilities and the Group's
other operating activities. As at 31 December 2015, this facility had not been drawn down.
In addition to the Credit Agreement described above, the Group's other major credit agreements at the
reporting date were as follows:
Revolving Credit Facility 2014
On 19 February 2014, Prysmian S.p.A signed a credit agreement for Euro 100 million (the "Revolving Credit
Facility 2014") with Mediobanca - Banca di Credito Finanziario S.p.A.. Under this five-year agreement,
Mediobanca has provided the Group with a line of credit intended to refinance existing debt and working
capital requirements.
As at 31 December 2015, the Revolving Credit Facility 2014 had been drawn down by Euro 50 million.
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.
Following repayment of the first instalment in August 2015, the outstanding amount of the loan at 31
December 2015 was Euro 92 million.
The fair value of the EIB Loan at 31 December 2015 approximates the related carrying amount. Fair value
has been determined using valuation techniques that refer to observable market data (Level 2 of the fair
value hierarchy).
The following tables summarise the committed lines available to the Group at 31 December 2015 and 31
December 2014: