HeidelbergCement seals EUR 1bn refinancing loan, Germany

HeidelbergCement seals EUR 1bn refinancing loan, Germany
Published: 09 December 2004

HeidelbergCement  has signed a EUR 1bn  (US$1.3bn) loan to refinance its outstanding debt facility.  

The company said the loans would improve its debt maturity structure and reduce funding costs.  

It said the multi-currency revolving credit facilities refinanced its outstanding EUR 1.07bn loan, the balance from the original EUR 1.5bn  facility maturing in 2006.  

HeidelbergCement said the loans consisted of three-year EUR 400m  and a five-year EUR 600m tranches, with initial margins of 1.05 percent and 1.2 percent respectively.  

The loans from 29 banks were oversubscribed.