October 2, 2013 / 9:07 AM / 4 years ago

Siemens seals $3 billion credit facility

A man enters the office building of Siemens AG in Berlin September 30, 2013. REUTERS/Tobias Schwarz

FRANKFURT (Reuters) - German engineer Siemens has secured a $3 billion revolving credit facility to replace a previous arrangement which expired last month, the company said on Wednesday.

Europe’s biggest engineering firm said it had received more than $5.7 billion in commitments. “Due to this huge oversubscription banks’ commitments were significantly scaled back,” it said.

The facility has a tenor of five years with two one-year extension options. It replaces the company’s $4 billion facility from 2006, which expired in August 2013.

Siemens will pay a margin of 20 basis points (bps) over LIBOR on the new financing, below the 30 bps it pays on a 4 billion euro ($5.3 billion) facility arranged in April last year.

Commerzbank, Deutsche Bank and JP Morgan acted as coordinators and active bookrunners.

Reporting by Harro ten Wolde; Editing by Mark Potter

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