Autogrill secures €1 billion credit line to finance World Duty Free and Aldeasa acquisitions – 20/03/08

ITALY/INTERNATIONAL. Autogrill has secured a new credit line worth €1 billion. It plans to use this to fund the acquisition of the 49.95% purchase of the remainder of Aldeasa, plus the acquisition of World Duty Free Europe, announced on 10 March. The combined deals are worth around €1.1 billion.

The new credit facility consists of two term loans for a total of €875 million – with initial maturity in March 2013, extendable for one or two years – and a revolving credit facility of €125 million – maturing in March 2013.

The first term loan (€275 million) provides for a bullet repayment upon maturity, while the second provides for a partial amortisation plan of three annual instalments of €100 million starting in 2010, plus a residual €300 million to be paid at maturity.

The credit line was organised and fully underwritten by BNP Paribas, Intesa San Paolo, The Royal Bank of Scotland, and Unicredit, which acted as Mandated Lead Arrangers and Bookrunners, and by ING Bank and Natixis, which acted as Mandated Lead Arrangers and Sub-Underwriters.

Autogrill said: “The contractual terms allow the group to maintain the margins of financial flexibility that were negotiated for previous financing arrangements.”

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