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Rome, Italy, 2020/05/06 - Leonardo signed today new credit facilities with a pool of international banks for € 2 billion. These facilities, together with cash in hand and existing credit lines, result in a total liquidity for Leonardo of over € 5 billion - LeonardoCompany.com. FNC IM; SIFI.MI
Alessandro Profumo, CEO of Leonardo, commented: “The new credit facilities represent further confirmation of Leonardo's commitment to pursuing a disciplined financial strategy even in an exceptional period. Through this, we are further strengthening the Group's liquidity and providing additional financial flexibility in the changed economic environment caused by the COVID-19 pandemic”.
The credit facilities have a maturity of up to 24 months and have no financial covenants.
The facilities were oversubscribed, confirming the strength of Leonardo’s credit profile in the financial markets. The banking pool is composed of the following banks:
Mandated Lead Arrangers and Bookrunners: Banca IMI (Intesa Sanpaolo Group), BNP Paribas, Crédit Agricole CIB, UniCredit
Lead Arranger: Banco BPM
Co-Arrangers: UBI Banca, HSBC, NatWest, Société Générale
Crédit Agricole CIB and UniCredit assumed the roles of Coordinator and Documentation Bank. Banca IMI (Intesa Sanpaolo Group) and BNL Gruppo BNP Paribas will assume the roles of Agent Bank.
Linklaters and Clifford Chance acted as legal advisors respectively to the Banks and to Leonardo.
Leonardo (leonardocompany.com), a global high-technology company, is among the top ten world players in Aerospace, Defence and Security and Italy’s main industrial company. Organised into five business divisions, Leonardo has a significant industrial presence in Italy, the United Kingdom, Poland and the USA, where it also operates through subsidiaries such as Leonardo DRS (defense electronics), and joint ventures and partnerships: ATR, MBDA, Telespazio, Thales Alenia Space and Avio. Leonardo competes in the most important international markets by leveraging its areas of technological and product leadership (Helicopters, Aircraft, Aerostructures, Electronics, Cyber Security and Space). Listed on the Milan Stock Exchange (LDO), in 2018 Leonardo recorded consolidated revenues of €12.2 billion and invested €1.4 billion in Research and Development. The Group has been part of the Dow Jones Sustainability Index (DJSI) since 2010 and became an Industry leader of the Aerospace & Defence sector of DJSI in 2019.