Long-term sources of finance secured: Bayer agrees new EUR 3.5 billion
credit facility
ABS transaction of up to EUR 600 million also signed
Leverkusen – Bayer has arranged a credit facility of EUR 3.5
billion with an international consortium of more than 30 banks.
The money – if needed – would be used for general corporate
financing purposes. Appointed as lead managers are Banc of America
Securities Limited, Citigroup, Crédit Agricole Indosuez,
Deutsche Bank AG and HSBC Bank plc, which have also involved further
selected partner banks of Bayer AG. The syndication was substantially
oversubscribed.
This credit facility replaces the commercial paper
backstop facility, also of EUR 3.5 billion, agreed upon a year ago,
under which Bayer did not draw. The new transaction comprises two
tranches of equal volume with maturities of 12 months and five years
respectively.
Bayer has also signed an asset-backed securities
transaction (ABS) of up to EUR 600 million, arranged by ABN AMRO,
on the revolving sale of trade receivables. This transaction provides
Bayer with additional competitive financing via the highly liquid
A1+/P1 commercial paper market.
Both agreements secure long-term sources of finance
for the Bayer Group.
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