Italy’s Saipem informed that the syndication of its €4.7 billion new credit facilities has been successfully completed.
Syndication of the facilities was launched on November 2, 2015 and seen strong demand from various banks, resulting in a significant oversubscription and reduction of the original commitments provided by the underwriters and joint lead arrangers.
In detail, the €4.7 billion credit facilities include a bridge to bonds of 1.6 billion euro in 18 months, extendable for a further 6 months; a term loan of 1.6 billion euro in five years and a revolving facility of €1.5 billion in five years.
The availability of credit facilities is subject to the completion of the capital increase of up to 3.5 billion euro, announced on 27 October and approved by the Extraordinary Shareholders’ Meeting on December 2. The proceeds from the capital increase along with the financial resources resulting from the Bridge to Bond and the term loan will be used by Saipem to reduce and refinance its existing debt.
The credit lines were subscribed by Banca IMI / Intesa Sanpaolo, Citi, Deutsche Bank, Mediobanca and UniCredit as Mandated Lead Arrangers and Bookrunners. Goldman Sachs and JP Morgan participated as Joint Lead Arrangers.