The initial offering was very largely oversubscribed by the core banks involved in Pipelife's daily operations and thereafter scaled down to revolving credit lines of 230 million Euro.
The new 5 year multicurrency credit facilities will be used to refinance Pipelife’s existing million Euro multicurrency credit facilities and for general corporate purposes. BNP Paribas Fortis has coordinated the transaction.
“After the very successful debut of Pipelife on the European financial market back in the year 2004 and the refinancing and amendment in 2005 and 2007, Pipelife was again successful in obtaining a very strong support from the financial community, which demonstrates their high level of confidence in our strategy for the future” commented Marc Vandermensbrugghe, Chief Financial Officer of Pipelife. “The new facilities secure Pipelife financing needs for a new period of 5 years which is excellent when taking into consideration the current difficult environment on the financial markets and the large corporate loans that will mature in the coming year."