Michelin signs €2.5b credit facility
Michelin has entered into a new 2.5-billion-euro revolving credit facility with a group of 19 banks. The agreement, signed by Compagnie Générale des Établissements Michelin and the banks on 16 October, replaces the existing 1.5-billion-euro facility dated 12 July 2011 and amended in 2012 and 2014. Michelin describes the new facility as a “back-up facility” that, jointly with the company’s euro commercial paper program, has been increased to take the group’s growth into account.