Prometeon amends & extends senior financing
Prometeon Tyre Group has signed an agreement for the amendment, restatement and extension of its 600 million euro senior financing, underwritten in March 2017, originally with a three-year duration. The new agreement allows the extension of the final maturity to March 2021 (with the possibility to further extend it to March 2022 at Prometeon’s discretion) at conditions in line with the current market. By signing the agreement Prometeon says it has secured the financial resources for the implementation of its 2019-2021 business plan.
These modifications were unanimously agreed to by the eight banks participating in the senior financing: Bank of America Merrill Lynch, China Construction Bank, HSBC Bank, ING, Crédit Agricole Corporate and Investment Bank, Industrial and Commercial Bank of China, Banco Santander and Banco do Brasil AG.
The amendment of the senior financing follows the shareholder financing of 58 million euros that was provided by TP Industrial Holding that allows for a prepayment, ahead of schedule and on a voluntary basis, of 50 million euros, thus reducing the total amount of the senior financing to 550 million euros.