New Michelin credit facility “in line” with debt refinancing strategy
On July 12 Compagnie Financière Michelin, a fully-owned Michelin subsidiary, signed a new credit facility to be used for general corporate purposes. This 1.5 billion euro multi-currency revolving credit facility, signed with a group of 21 banks, is intended to replace Michelin’s 2005-2012 1.5 billion euro syndicated line. Michelin states the new facility is “in line with the Group’s debt refinancing strategy.”