RLPC-Peugeot launches 2.7 bln euro loan refinancing
LONDON Feb 25 (Reuters) - PSA Peugeot Citroen has launched syndication of a 2.7 billion euro ($3.71 billion) syndicated credit facility, the lead banks announced on Tuesday.
The financing, which launched on Monday, replaces an existing 2.4 billion euro credit line that matures in 2014 and 2015 and will enable PSA to increase its financial flexibility and extend the maturity of its financial resources.
The transaction is split between a 2 billion euro, five-year facility and a 700 million euro, three-year facility with two one-year extension options.
The new financing is conditional on the completion of a planned 3 billion euro capital increase announced on February 19.
The loan was underwritten by nine banks comprising joint bookrunners and mandated lead arrangers, Banco Santander, BNP Paribas, Citigroup, Credit Agricole CIB, Deutsche Bank, HSBC France, Industrial and Commercial Bank of China, Natixis and Societe Generale.
Peugeot is looking to replace a 2.4 billion euro facility that was originally agreed in July 2010 via bookrunners BNP Paribas, Credit Agricole CIB, HSBC, Natixis, Royal bank of Scotland and Societe Generale.
The three-year financing had two one-year extension options, which were exercised so that 200 million euros is due to mature in July 2014, while the remaining 2.2 billion euros is due to mature in July 2015.
Peugeot is rated BB- by Standard & Poor's and B1 by Moody's. ($1 = 0.7282 euros) (Editing by Christopher Mangham)
- Nearly 300 missing after South Korean ferry capsizes: coastguard |
- Separatists fly Russian flag over Ukrainian armored vehicles
- Ocean floor search for missing Malaysia plane cut short again
- Ukraine launches 'gradual' operation, action limited |
- China economic growth slows to 18-month low in first-quarter |