Leonardo €2.4bn ESG-linked revolving credit facility
Liquidity and lower funding costs
Key terms
- Borrower or issuer
- Leonardo
- Date
- 7 Oct 2021
- Type
- Bank facility
- Amount
- €2.4bn (US$2.8bn)
- Pricing
- Margin linked to CO2 and STEM hiring targets
- Maturity
- 2024-2026
Recorded terms
- Structure
- €1.8bn five-year and €600m three-year tranches, 26 banks, 185% oversubscribed; replaces two existing RCFs
- Lenders and arrangers
- Mandated lead arrangers and bookrunners: Banco BPM, BNP Paribas (BNL), BPER Banca, Crédit Agricole CIB, Intesa Sanpaolo (facility agent), SMBC, Société Générale, UniCredit; lead arrangers include Barclays, BofA Securities, Commerzbank, Deutsche Bank, HSBC, MUFG, Santander
- Country
- Italy
Parties
- Leonardo borrower or issuer
- Lenders: BofA Securities, Barclays, Deutsche Bank, HSBC, BNP Paribas, Credit Agricole CIB, Societe Generale, MUFG, SMBC Nikko, Santander, Commerzbank, UniCredit, Intesa Sanpaolo
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 24 Sep 2021 | Rheinmetall €500m syndicated revolving credit facility | Bank facility | €500m |
| 24 Aug 2021 | Lockheed Martin US$3.0bn revolving credit facility (2021) | Bank facility | US$3bn |
| 13 Dec 2021 | CACI International US$3.2bn credit facilities (2021) | Bank facility | US$3.2bn |
| 25 Jun 2021 | Parsons US$650m unsecured revolving credit facility | Bank facility | US$650m |
| 18 Feb 2022 | Kratos US$400m secured credit facility | Bank facility | US$400m |
More from Leonardo
| Date | Financing | Type | Amount |
|---|---|---|---|
| 20 Dec 2021 | Leonardo €600m ESG-linked term loan | Bank facility | €600m |
| 1 Jul 2020 | Leonardo €500m 2.375% Eurobond due 2026 | Bond | €500m |
| Jun 2017 | Leonardo €600m 1.50% Eurobond due 2024 | Bond | €600m |
M&A and investment involving Leonardo
| Date | Deal | Type | Value |
|---|---|---|---|
| 18 Mar 2026 | Leonardo acquisition of Iveco Defence Vehicles | M&A | €1.6bn |
| 23 Oct 2025 | Airbus, Thales and Leonardo space business combination (Project Bromo) | JV / capital partnership Announced | Not disclosed |
| 14 Jan 2025 | Fincantieri acquisition of Leonardo's underwater armaments business (WASS) | M&A | €287m |
| 3 Jan 2022 | Leonardo acquisition of 25.1% of Hensoldt from KKR | Stake sale | €606m |
Sources
- Leonardo press release leonardo.com · 7 Oct 2021
About this record
Record DEF-2021-0010, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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.
