In response to its reduced liquidity needs, Leonardo Helicopters has signed a new revolving credit facility through a pool of 26 banks and bookrunners. The new agreement provides Leonardo with a facility of €1.8 billion against an earlier €2 billion. In addition the facilities rate of interest has been cut to 0.75% or 75 basis points over Euribor — a daily reference rate of average interest at which the Eurozone bank will offer unsecured loans. Previously the rate was 100 basis points or 1% over the reference rate.
Alessandro Profumo, Leonardo CEO, said: “The revolving credit facility renegotiation is a step forward in the implementation of a disciplined financial strategy.
“Favourable market conditions enabled us to renegotiate the credit line in order to reduce further the financial charges, confirming the gradual decrease of working capital needs, while maintaining a banking liquidity source in line with financial market expectations, including credit rating agencies.”