Leonardo €1.8bn revolving credit facility (2018)
Replace the €2bn revolving credit facility
Key terms
- Borrower or issuer
- Leonardo
- Date
- 14 Feb 2018
- Type
- Bank facility
- Amount
- €1.8bn (US$2.1bn)
- Pricing
- Euribor + 75bp (25bp below the previous facility)
- Maturity
- 2023-02
Recorded terms
- Structure
- Renegotiated RCF with 26 banks, cut from €2bn and extended to February 2023, a year with no capital markets maturities
- Lenders and arrangers
- Mandated lead arrangers and bookrunners: MUFG (Bank of Tokyo-Mitsubishi UFJ), UniCredit (global coordinator, documentation bank and agent), Commerzbank, Cassa Depositi e Prestiti, BNP Paribas (BNL), Sumitomo Mitsui Banking Corporation, HSBC, Citibank, Barclays, Banco BPM, Banco Bilbao Vizcaya Argentaria, Intesa Sanpaolo, Crédit Agricole CIB, Société Générale, Bank of America, N.A., Santander; lead arrangers: Natixis, NatWest (RBS), Deutsche Bank, UBI Banca; co-arrangers: BPER (Banca Popolare Emilia Romagna), Mediobanca, Bank of China, JPMorgan Chase Bank, Crédit Industriel et Commercial, Banca Popolare di Sondrio
- Country
- Italy
Parties
- Leonardo borrower or issuer
- Lenders: Bank of America, Citigroup, J.P. Morgan, Barclays, Deutsche Bank, HSBC, BNP Paribas, Credit Agricole CIB, Societe Generale, MUFG, SMBC Group, Santander, NatWest, BBVA, Commerzbank, UniCredit, Intesa Sanpaolo, Natixis, Banco BPM, BPER Banca, Mediobanca, Bank of China, CIC
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 3 Apr 2018 | Oshkosh US$1.175bn second amended and restated credit agreement | Bank facility | US$1.18bn |
| 20 Nov 2017 | Kratos US$90m senior secured revolving credit facility (2017) | Bank facility | US$90m |
| 24 May 2018 | BWX Technologies US$800m secured credit facility (2018) | Bank facility | US$800m |
| 31 May 2018 | Perspecta US$3.1bn senior secured credit facilities at spin-off | Bank facility | US$3.1bn |
| 23 Jul 2018 | Booz Allen Hamilton US$1.98bn term loan A and revolver refinancing (2018) | Bank facility | US$1.98bn |
More from Leonardo
| Date | Financing | Type | Amount |
|---|---|---|---|
| 10 Mar 2026 | Leonardo €600m ESG-linked term loan (2026) | Bank facility | €600m |
| 7 Oct 2025 | Leonardo €1.8bn ESG-linked revolving credit facility (2025) | Bank facility | €1.8bn |
| 7 Nov 2022 | EIB €260m sustainability-linked loan to Leonardo | Government finance | €260m |
| 20 Dec 2021 | Leonardo €600m ESG-linked term loan | Bank facility | €600m |
| 7 Oct 2021 | Leonardo €2.4bn ESG-linked revolving credit facility | Bank facility | €2.4bn |
| 1 Jul 2020 | Leonardo €500m 2.375% Eurobond due 2026 | Bond | €500m |
M&A and investment involving Leonardo
| Date | Deal | Type | Value |
|---|---|---|---|
| 18 Mar 2026 | Leonardo acquisition of Iveco Defence Vehicles | M&A | €1.6bn |
| 23 Oct 2025 | Airbus, Thales and Leonardo space business combination (Project Bromo) | JV / capital partnership Announced | Not disclosed |
| 14 Jan 2025 | Fincantieri acquisition of Leonardo's underwater armaments business (WASS) | M&A | €287m |
| 15 Oct 2024 | Leonardo Rheinmetall Military Vehicles joint venture | JV / capital partnership Announced | Not disclosed |
| 3 Jan 2022 | Leonardo acquisition of 25.1% of Hensoldt from KKR | Stake sale | €606m |
Sources
- Leonardo press release: revolving credit line renegotiated leonardo.com · 14 Feb 2018
About this record
Record DEF-2018-0019, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A revolving or term facility is a relationship loan from a bank group, priced at a margin over a reference rate, with financial covenants and an agent.
