German cement maker HeidelbergCement AG and its core banks have agreed on better terms for a €3bn syndicated credit facility concluded in April 2010, HeidelbergCement said Monday.
-The amendment agreement, effective immediately, includes a reduction in credit margins of up to 100 basis points, depending on the ratio of net debt to earnings before interest, taxes, depreciation and amortization.
-The favourable credit terms reflect the recent positive development of the performance of HeidelbergCement and are another step in the company’s cost reduction programme, HeidelbergCement said.
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