| LONDON, April 16
LONDON, April 16 Germany's ThyssenKrupp
has agreed a 2 billion euro ($2.76 billion),
three-year revolving credit facility to replace an existing 2.5
billion euro facility that was due to mature in July, banking
ThyssenKrupp said that it had reached an agreement on a deal
but declined to comment on the details.
The new financing was arranged by bookrunning mandated lead
arrangers Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas,
Citigroup, Credit Agricole CIB, Deutsche Bank, HSBC and SEB.
The refinancing comes as ThyssenKrupp looks to revamp its
business by moving away from the bulk steel market, which has
been hit by weak economies and overcapacity, to more profitable
technology products such as elevators and factory components.
ThyssenKrupp issued a 1.25 billion euro bond in February
after raising 882.3 million euros in proceeds from a capital
increase in December 2013.
In September 2013, lenders agreed to waive a gearing
covenant test related to three of its financings, including the
ThyssenKrupp is rated BB by Standard & Poor's, Ba1 by
Moody's and BB+ by Fitch.
($1 = 0.7234 Euros)
(Editing by Christopher Mangham)