FRANKFURT, March 19 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