SEPTEMBER 2021: ESTABLISHMENT OF AN EMTN PROGRAMME TO OPTIMISE THE STRUCTURE OF THE EXISTING FINANCIAL DEBT
As at 30 June 2021, FNM Group's gross debt equals to 1015 milion euro. Of this amount, 913 million euro are represented by bank loans composed as follows:
-617 million euro Bridge Loan subscribed for the purchase of the majority share of Milano Serravalle-Milano Tangenziali (MISE), expiring in January 2022;
-48 million euro loans from the European Investment Bank (EIB) for the purchase of rolling stock for the cross-border service;
- 246 million euro bank loans of MISE.
The Group also has 251 million euro in cash. The adjusted net financial position1 equals to 777 million euro, while the net financial position equals to 720 million euro.
Furthermore, as at 30 June 2021 the Group has a liquidity headroom of 140 million euro in uncommitted lines.
The majority of the debt of the Group has floating interest rate.
Financial debt composition as at 30 June 2021
Gross debt: 1015 million euro2
On 16 September 2021, the Board of Directors approved the establishment of an EMTN Programme for a total amount of up to 1 billion euro which will allow the refinancing of the 620 million euro Bridge Loan for the acquisition of MISE, and to support future investments.
Thanks to the EMTN Programme, FNM will:
- increase average debt life, consistent with total assets structure;
1- Excluding the impacts of the timing of the collections of the contributions on financial investments for the renewal of the railway rolling stock and of the related payments made to suppliers, recognised in accordance with IFRIC 12.
2- Excluding the non-current portion of debt on the financed investments equal to 12.6 million euro.