Agreement between the Carraro Group and Banco BPM SpA for a loan with maximum amount of 100 million Euros.

Following the bond issue of 180 million Euros, just signed, a new operation aimed at reorganising the financial structure of the Carraro Group.

Campodarsego (Padua), 9 February  2018 – An  "Underwriting and Commitment Letter" relating to a multi-year loan  agreement was signed today, for a maximum amount of 100 million Euros,  between the Carraro Group and Banco BPM SpA. 

This loan flanks the 180 million Euro bond just issued by Carraro  International and is aimed at supporting short and medium-term  operational needs deriving from the expected growth of the Padua-based  Group which, just a few months ago, communicated its new business plan  to the financial community.. With this operation, Carraro reorganises  and consolidates its financial structure with total support of 280  million Euros. 

“The agreement with Banco BPM represents a new and fundamental  step that will allow us to complete the process of reorganisation of the  coverage of the Group's financial needs and, now that the restructuring  phase can be considered concluded, to support normal operations in line  with the new business plan recently presented to the market”, said Enrico Gomiero, Group CFO. 

“Banco BPM intends to support Italian industrial companies in  their growth path, accompanying them with high added value services able  to generate competitive advantages that can be defended over time. – said Luca Manzoni, Corporate Director of Banco BPMIn  line with this proposition, Banco BPM has decided to support the  experience and expertise of an Italian excellence such as the Carraro  Group. An example of how the Bank is supporting the improvement of the  macroeconomic scenario, after years of economic crisis, allowing the  Carraro Group to strengthen its leadership and return to growth in its  core business”. 

The loan, organised by Banco BPM, is structured in two credit lines, a  Term Loan Amortizing and a Revolving Credit Facility with maturity in  2023, provides for the possibility for a limited number of relationship  banks to work alongside Banco BPM and is subject to the definition of a  loan agreement under conditions of mutual satisfaction for the parties  for the parties, based on the terms and conditions already identified in  the document signed today. 

The Company was assisted in the transaction by the financial advisor  Lazard and by the LMS law firm, while the Bank was assisted by the law  firm Linklaters. 

Last update: 21 April 2019