LONDON, April 16 (Reuters) - 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 sources said.
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 syndicated loan.
ThyssenKrupp is rated BB by Standard & Poor‘s, Ba1 by Moody’s and BB+ by Fitch. ($1 = 0.7234 Euros) (Editing by Christopher Mangham)