rfl Benetton group finalizes 5-year 400 mln eur credit line |
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Fri, 07 Sep 2007 16:20
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MILAN (Thomson Financial) - The Benetton Group SpA said it finalized three loan agreements for a total of 400 mln eur, expiring in 2012, to enable the group to continue to take advantage of growth opportunities and investments.The group said that 100 mln eur of the total loan was finalized with BNL-BNP Paribas group, 150 mln eur with Intesa Sanpaolo SpA and the remaining 150 mln with Unicredito Italiano unit Unicredit Banca d'Impresa SpA.The loans have a cost of 20-50 basis points above the one-, two-, three- or six-month Euribor rate, depending on the ratio between the net financial position and EBITDA.The deal provides for compliance with two financial covenants, the first of which is that there must be a minimum ratio of 4 between EBITDA and net financial expenses while there must be a maximum ratio of 3.5 between the net financial position and EBITDA. These parameters will be calculated every six months.Also, the agreement provides for limitations on significant business disposals and on the granting of collateral security for new loans.yael.schrage@thomson.comysc/dcaCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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