Impregilo loan

Italy's largest construction group Impregilo signed a € 678 million syndicated bridging loan from Banca Intesa, Unicredito Italiano and Sanpaolo IMI last month. According to a statement from Impregilo, the loan will be used to cover the company's short-term requirements, including € 571 million to repay bonds which were due to mature shortly after the agreement. The loan contract also provides Impregilo with the facility to convert up to € 500 million of the loan into a seven year finance agreement.