Paris-based PPR has obtained a €2.5 billion credit line to refinance debt, Bloomberg reports. The owner of the Bottega Veneta luxury brand intends to use the proceeds to refinance a €2.75 billion loan signed in 2005.
It will also use the proceeds to repay the outstanding €1.5 billion portion of a loan used to buy sporting-goods maker, Puma, in 2007. PPR appointed Bank of Tokyo-Mitsubishi, BNP Paribas, Credit Agricole, HSBC Holdings, Natixis, Royal Bank of Scotland and Societe Generale to arrange the financing.
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