Treasury Management International
Corporate Finance
The Annapurna Project
Antalis arranges a new 430m five-year loan
by Olivier Bouillaud, Group Treasurer, Antalis
This article describes how Antalis began reshuffling its financial structure in an innovative project, named Annapurna to reflect the scope of this new undertaking. In October 2005 the Group Treasurer closed the refinancing of its company debt of 430m, through a 5-year revolving facility, secured by receivables from the French and UK entities, rather than by securitisation or through the sale of receivables which was done in the previous financing operations. This was all carried out to a tight five-month deadline.
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