German automotive supplier Continental AG (CTTAY.PK) has reached a new agreement on 4.5 billion euros syndicated loan, thereby improving its debt maturity profile. Committed to by about 30 domestic and international banks, the credit amount has been slightly reduced.
The 4.5 billion euros credit amount is split up into two tranches ofdiffering duration, a 1.5 billion euros loan, with a term of three years, as well as a five-year revolving credit line in the amount of 3 billion euros.
By launching five bonds and generating free cash flow, Continental had, in the interim, been able to reduce about 9 billion euros off the original 13.5 billion euros syndicated loan agreed in 2007. In the last three years, the company's net indebtedness came down by over 2.5 billion euros.
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