Continental AG completes 4.5 billion euro syndicated loan

Tuesday, 6 May 2014 06:31am EDT 

Continental AG:Announces the completion of a 4.5 billion euro syndicated loan to replace an existing 4.5 billion euro loan that was agreed in Jan. 2013.Says the facility comprises a 1.5 billion euro term loan maturing in April 2016 and a 3 billion euro revolving credit facility maturing in April 2019 paying initial margins of 45 bps and 70 bps over Euribor respectively, down from initial margins of 200 bps and 225 bps on the previous loan.Says a total of 31 banks committed to the new financing down from the 34 banks on the previous loan.Says lenders on the previous financing - Banco do Brasil, HSH Nordbank, Intesa SanPaolo, Raiffeisen Bank International and Scotiabank - did not participate in the new deal, while BayernLB and Standard Chartered joined as new lenders. 

Company Quote

0.053 +0.03%
4:44am EDT