RLPC-Bayer amends 3.5 bln euro credit facility
LONDON Dec 5 (Reuters) - German pharmaceutical group Bayer has amended its existing 3.5 billion euro ($4.74 billion) revolving credit facility, the company said in a statement on Thursday.
A-/A3 rated Bayer has taken advantage of competitive loan market conditions to reduce pricing on the financing as well as extending the maturity.
The facility has been extended to Dec. 2018 from March 2018. The amendment also includes two one-year extension options.
All banks in the existing syndicate agreed to the changes, Bayer said.
Bayer originally agreed the financing in March 2011 via coordinating banks BNP Paribas, Deutsche Bank and Royal Bank of Scotland. That deal was for five years plus two one-year extension options and paid an initial margin of 42.5 bps over EURIBOR based on a ratings grid.
Average pricing for single A rated European companies fell by 31 percent in the third quarter to 28.75 bps, according to Thomson Reuters LPC data. ($1 = 0.7377 euros) (Editing Christopher Mangham)
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