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Nexans Secures French State Backed €280 million Term Loan facility

Source: www.gulfoilandgas.com 6/11/2020, Location: Europe

Nexans announced the execution of a French State backed €280 million term loan (“PGE”) ("the Facility"), issued by a pool of French banks with a twelve-month maturity and an extension option, up to five years, exercisable by Nexans. The French state is guaranteeing the Facility at 80%.

As of March 31st, 2020, and prior to securing the Facility, Nexans liquidity position already stood at sound 1.0 billion euros, including a 600 million euros undrawn revolving credit facility.

Early April 2020, the Group has drawn down 200 million euros from the revolving credit facility to repay commercial papers at maturity. Nexans has sufficient liquidity for its operations and foreseen financial commitments, with no debt repayments before 2021.

Crédit Agricole CIB (acting as agent), BNP Paribas (acting as coordinator), CIC, Crédit Agricole Ile de France, Natixis and Société Générale acted as lending banks.

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