Italy's Leonardo to early repay €500 million term loan due 2023

By Mary-Katherine Stinson

Lexington, Ky., Dec. 14 – Leonardo SpA will repay in full its €500 million term loan, which was due to mature in November 2023, according to a notice.

The early repayment is scheduled for Dec. 29.

Leonardo stated the purpose of the repayment was to optimize the use of its cash resources and achieve a reduction in the variable rate component of the financing sources available to the group.

The loan was originally signed in 2018.

Leonardo also announced the pricing of its subsidiary Leonardo US Holding, LLC’s full redemption of the $123,626,000 outstanding 7.375% notes due 2039 and the $181,457,000 outstanding 6.25% notes due 2040, which will be redeemed Dec. 15 for a total consideration of $ 374,020,319.60 net of accrued interest.

The issuer, formerly Leonardo-Finmeccanica, is a Rome-based aerospace, defense and security company.

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