Michelin enters into a €2.5bn revolving loan agreement
Oct 22, 2020
Michelin has entered into a new €2.5 billion revolving loan agreement with a group of 19 banks.
The agreement, signed on October 16 by the Compagnie Générale des Établissements Michelin and banks, replaces the existing €1.5 billion credit line dated July 12, 2011, as amended in 2012 and 2014.
Michelin describes the new agreement as a “back-up line of credit,” which, together with the Euro-bills program, has been extended to reflect the growth prospects of the French tire manufacturer.
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