Continental AG (CTTAY.PK) Friday announced that it got off to an early start with the process of refinancing the syndicated loan due in April 2014.
The international automotive supplier stated that, in the process of refinancing the syndicated loan due, the company is aiming to further improve its financing structure and maturity profile, while at the same time enhancing its flexibility..
The company further stated that, within the scope of the planned refinancing, the loan volume is to be reduced slightly - to a total of EUR4.5 billion - and split up into two tranches with different maturities: a term loan in the amount of EUR1.5 billion, with a term of three years, and a five-year revolving credit facility in the amount of EUR3 billion. Among other things, the company also intends to ease the documentation complexity.
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