01 April 2005 11:15 [Source: ICIS news]
LONDON (CNI)--German Bayer’s Euro3.5bn ($4.5bn) credit line has been refinanced before maturity on more favourable conditions under a new agreement with a consortium of banks led by Bank of America, Citigroup and Deutsche Bank.
The chemicals and pharmaceuticals company said in a statement on Friday that the syndication was heavily oversubscribed. .
The new credit line, which was arranged in summer 2003, has a term of five years with two possible one-year extensions. It has been arranged at an agreed interest rate 20 basis points above London Interbank Offered Rate (Libor)/Euro Interbank Offered Rate (Euribor) and a commitment fee of six basis points per year.
The funds are available for general corporate financing purposes.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|