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Nexans secures €280 million Term Loan facility

4C Offshore | James Bernthal-Hooker
By: James Bernthal-Hooker 12/06/2020 Nexans
French cable supplier Nexans has secured a French State-backed term loan valued at €280 million. The loan, issued by several French banks, has an extension option up to five years and a twelve-month maturity. The French State is guaranteeing the loan at 80%.

Prior to securing the facility, as of 31st March 2020, Nexans’ liquidity position stood at €1 billion – including an undrawn revolving credit facility of €600 million. By early April, Nexans had drawn down €200 million from this to repay commercial papers at maturity. The company reports that it has sufficient liquidity for operations and foreseen financial commitments without debt repayment before 2021.

Lending banks include CIC, Crédit Agricole Ile de France, Natixis, Société Générale, BNP Paribas (acting as coordinator), and Crédit Agricole CIB (acting as agent).

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