Michelin turns to bank debt to refinance bond

Michelin secured a Eu480m bridge loan to refinance a maturing bond, the tyre company revealed on Friday. The Baa2/BBB/BBB rated firm will use the facility to repay a Eu470m bond due in April and to meet its other short-term commitments.

  • 16 Feb 2009
Calyon, Royal Bank of Scotland and Société Générale provided the deal, which matures on December 31 this year. Michelin announced the deal with its full-year results on Friday.The company is just one of many looking to refinance maturing bonds in the loan market. Bankers reported a sharp rise ...

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