This section presents the main facts that took place after the reporting period and not yet commented on in the previous sections of the Financial Report of the Salini Impregilo Group as at December 31, 2014.
On January 23, 2015, the Salini Impregilo group was awarded the contract for the doubling of the carriageway of the Suleja Minna road (Phase II) in Nigeria. This is an important communication route since it provides access from the capital Abuja to the Northwest of the country. The project’s function is to improve mobility and to facilitate the potential development of the entire region. The contract involves the construction, in 48 months, of a new carriageway and the complete rehabilitation of the existing one. The client is the Ministry of Public Works of Nigeria. The value of the works is approx. €112 million.
On February 25, Salini Impregilo reached agreement with a pool of banks comprising Banca Intesa, BNP Paribas, Natixis and Unicredit to renegotiate a significant portion of existing bank debt. The agreement concerns approximately €630 million. Under the deal, the term for repayment of €267 million of the existing debt has been extended from 2016 to 2019, with an amortization schedule starting in 2017. As part of the refinancing of the existing debt, a five-year credit line of €165 million with repayment at term was provided. Finally, the “Revolving credit facility” was increased from the current €100 million to €200 million, available for 5 years.
With reference to the changes in the exchange rates used in Venezuela since December 31, 2014, refer to the paragraph of this financial report titled “Analysis of the income statement and statement of financial position of the Salini Impregilo Group and the Parent Company”.
With regard to the events that have occurred after December 31, 2014 concerning the SUW Campania Projects, reference should be made to the section of this Annual Report on “Non-current assets held for sale - SUW Campania Projects”.
No other significant events occurred after December 31, 2014, beyond those described the previous sections of this Financial Report.