Michelin wheels in SLL as IG loan maturities diverge

AdobeStock_Michelin_575X375_Oct2020
By Mike Turner
21 Oct 2020

Michelin, the French tyre maker, has signed a €2.5bn sustainability-linked revolving credit facility with a three year maturity, as loans bankers say the market has become more nuanced towards maturities since the onset of Covid-19 made many of them tighten terms.

Michelin’s deal can be drawn in multiple currencies and is larger than the €1.5bn deal it refinances “to take into account the group’s growth”, according to the company.

JP Morgan, Morgan Stanley, NatWest Markets, Sumitomo Mitsui Banking Corp and UniCredit were mandated lead arrangers on the 18 bank trade.

The ...

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