Michelin: signs E2.5bn credit facility

(CercleFinance.com) - Michelin has signed a new 2.
5 billion euro multi-currency revolving credit facility with a consortium of 19 banks.

This credit replaces the existing credit facility of 1.5 billion euros signed on 12 July 2011.

In conjunction with the Euro commercial paper program, has been increased to take into account the group's growth.

The facility has been signed for a period of 3 years and includes two options to extend it by 1 year each. The credit includes a CSR clause that links its rate to a series of sustainability objectives that are essential in the group's businesses.

Depending on the number of sustainable performance targets achieved, the credit margin will be adjusted upwards or downwards.


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