Benetton finalizes revolving credit line of 500 million euro

Ponzano, 10 June 2005 - Benetton Group has finalized, with a pool of 10 banks, the negotiation of a revolving credit line for an amount of 500 million euro, expiry 2010.

The financing is at floating rate, Euribor index linked, one, three or six months, with a spread of between 27.5 and 60 basis points.

The loan provides for compliance with three financial covenants, to be calculated every six months based on the consolidated financial statements, namely:

  • minimum ratio between EBITDA (earnings before interest, taxes, depreciation and amortization) and net financial charges of 4;
  • minimum ratio between the net financial position and shareholders’ equity of 1;
  • maximum ratio between the net financial position and EBITDA of 3.5.

    • There are also limitations on significant business disposals and on the granting of collateral security for new loans.

    The pool of financing banks (all Mandated Leader Arrangers) is composed of: Banca di Roma of Capitalia Group, Banca Intesa, Banca Nazionale del Lavoro, Banco Popolare di Verona e Novara, BNP Paribas, Calyon, Citigroup Global Markets Ltd, HSBC Bank plc, Sanpaolo IMI, Unicredit Banca Mobiliare - UniCredit Banca D’Impresa.
    Facility Agent BNP Paribas.

     

    For further information:

    Investor Relations
    +39 0422 517773
    investors.benettongroup.com
    benettonir.mobi