Evonik renews syndicated credit facility over €1.5bn
Company improves its market environment
Evonik Industries AG successfully concluded the refinancing of its existing €1.5bn syndicated credit facility on 2 August 2011. With the refinancing, Evonik benefits from a significantly improved market environment as well as its investment grade classification, obtained for the first time in May 2011, from rating agencies Standard & Poor’s (BBB/stable) and Moody’s (Baa3/positive).
The new credit facility is split into three equal tranches with terms of three, four, and five years. The facility serves for central liquidity management and is not currently being drawn.
Evonik cfo Wolfgang Colberg says: "With this transaction we have created a sound liquidity reserve that will support our strategy of organic growth. We hereby benefit from our long-term relationship with strong banking partners." A total of 27 national and international banks are participating in the financing, underscoring the trust that Evonik enjoys as a globally operating corporation.