PRADA FINANCING: Prada said it has signed a medium-term financing agreement with four leading Italian and international banks that will provide for a five-year credit of 700 million euros, or $840 million at current exchange rates. The funds will be divided in separate installments of euros and Japanese yen. Prada said in a statement that the loan will be used “to cover the financial needs of the company and, in part, to refinance existing debt.” The credit agreement is underwritten by Banca Intesa SpA, Calyon SA, HSBC Bank Plc and Unicredit Banca d’Impresa SpA. The announcement comes a month after Prada signed a loan agreement that provided funding for 800 million euros, or $960 million at current exchange, and helped repay a 700 million euro ($850 million) bond that expired in June. In May, Prada declined to release debt figures when reporting its year-end results.
TOD’S TAPS TANNENBAUM: Italian luxury leather goods company Tod’s has appointed Peter Tannenbaum as chief operating officer. Tannenbaum has been with the company since 1995, most recently as executive vice president. He is credited with coordinating the wholesale strategy for Tod’s and its sport brand, Hogan, which are both owned by Diego Della Valle, president of Tod’s SpA, as well as helping launch the newly acquired shoe and handbag company Roger Vivier. Tannenbaum will oversee day-to-day operations of Tod’s in North and South America, reporting to Claudio Castiglioni, chief executive officer of Tod’s USA.
This story first appeared in the July 29, 2005 issue of WWD. Subscribe Today.