Germany's Osram gains 1.25 bln euro funding ahead of spin-off
FRANKFURT, March 19
FRANKFURT, March 19 (Reuters) - German lighting company Osram has obtained 1.25 billion euros ($1.62 billion) of syndicated loans to ensure it has sufficient funding after its planned spin-off from Siemens AG.
Chief Financial Officer Klaus Patzak said in a statement that the new credit facilities give Osram "sufficient funding capability and ample flexibility for the mid-term future" after its planned public listing.
Siemens had planned to spin off Osram this spring but has had to delay the listing because of legal action by a handful of investors challenging the move.
The credit facilities, which Osram obtained from more than a dozen banks, comprise a 300 million euro loan and a 950 million euro multi-currency revolving credit facility, Osram said.
Both have a term of five years and are to be used for general corporate purposes, with the loan element to be used partly to repay existing financial liabilities owed to Siemens.
The underwriters, mandated lead arrangers and bookrunners of the transaction were Commerzbank, Deutsche Bank , Goldman Sachs, UBS and UniCredit .
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