HeidelbergCement said it has signed a new, self-arranged EUR3bn syndicated credit facility with a group of 17 banks.
The new credit facility will be used for repaying bank debt remaining under the old credit facility which had been agreed with 60 banks in June 2009 with a maturity in December 11.
The new, syndicated credit facility has been concluded with the following 17 banks: Bank of America / Merrill Lynch, Bayern LB, BNP / Fortis, Citigroup, Commerzbank, Deutsche Bank, Svenska Handelsbanken, Helaba, ING, Intesa, LBBW, Mediobanca, Morgan Stanley, Nordea, RBS, RZB and SEB.
The new facility is mainly intended as liquidity back-up and has a maturity date of December 31 2013. At the same time, the security package granted to the creditors could be reduced significantly compared with the old credit facility.
"The new syndicated credit facility agreement secures sufficient liquidity for our company until the end of 2013 at clearly better conditions," said Bernd Scheifele, CEO of HeidelbergCement.