Bayer secures refinanced Euro3.5bn credit line

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.

By: Mark Whitfield
+44 20 8652 3214

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