Milan, July 8, 2020 - Maire Tecnimont S.p.A. announces the signing of a Euro 365 million financing contract linked to a financing backed 80% by SACE's “Garanzia Italia” (“Italy Guarantee”). The financing will be disbursed by a syndicate of leading Italian financial institutions consisting of Banco Popolare di Milano, Cassa Depositi e Prestiti, Intesa Sanpaolo and Unicredit, which will act as Mandated Lead Arranger for the transaction. Intesa Sanpaolo will act as "SACE Agent" for the transaction, while Banca IMI will act as Agent Bank and Mandated Lead Arranger for the Intesa Sanpaolo Group.
The financing will be used to support the working capital of the parent company Maire Tecnimont and its main operating companies, in line with the provisions of the Liquidity Decree of April 9, 2020 and will have a total duration of 6 years, of which 2 years as grace period, and an annual interest rate equal to 1.7%, in addition to the cost of SACE’s “Italy Guarantee”.
The financing is extremely flexible as it can be repaid in whole or in part, at any time, without additional costs; it will allow the Group to strengthen its financial structure in order to face markets’ volatility due to the Covid-19 pandemic.
Pierroberto Folgiero, CEO of Maire Tecnimont Group, commented: "We are very satisfied with SACE’s timeliness in releasing the guarantee to this financing, obtained also thanks to our strong operational and commercial track record. The major new orders awarded recently testify to the resilience of our core business amid a general crisis such as that currently being experienced, as well as the unique competitive positioning that sets us apart on international markets".
Maire Tecnimont S.p.A.
Maire Tecnimont S.p.A., listed on the Milan Stock Exchange, heads an industrial group which leads the global natural resource conversion market (downstream oil & gas plant engineering, with technological and executive expertise). Its subsidiary NextChem operates in the field of green chemicals and technologies in support of the energy transition. The Maire Tecnimont Group operates in approx. 45 countries, though approx. 50 operative companies and a workforce of about 6,300, in addition to approx. 3,000 electro-engineering division staff. For further information: www.mairetecnimont.com.
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