The revolving credit facility signed by Compagnie de Saint-Gobain with a group of 28 banks, replaces a EUR 1 billion facility, which was due to mature in June 2013, and allows to reduce another facility maturing in December 2015 from EUR 3 billion to EUR 2.5 billion.
Compagnie de Saint-Gobain has signed a revolving credit facility for an amount of EUR 1.5 billion, maturing in December 2017 with a group of 28 banks.
The facility, initially planned for an amount of EUR 1 billion, was significantly oversubscribed with bank commitments reaching in excess of EUR 2.2 billion. This enabled Saint-Gobain to increase the size of the facility to EUR 1.5 billion and underlines renewed banks’ confidence in the credit quality of Saint-Gobain.
The initial margin for the facility is set at 85 basis points, based on Saint-Gobain’s long-term senior debt being currently rated BBB by Standard & Poor’s and Baa2 by Moody’s.
This credit facility is replacing a EUR 1 billion facility, which was due to mature in June 2013, and allows to reduce another facility maturing in December 2015 from EUR 3 billion to EUR 2.5 billion. This operation reinforces the group’s strong liquidity for the next five years as all of these lines are undrawn.
The banks involved in the revolving credits are: ANZ, Banco Santander, Bank of Tokyo-Mitsubishi UFJ, BBVA, BNP Paribas, Citi, Commerzbank, Credit Agricole Corporate and Investment Bank, Credit Mutuel – CIC, HSBC, Intesa Sanpaolo, JP Morgan, Mizuho, Natixis, Royal Bank of Scotland, Societe Generale Corporate and Investment Banking and Unicredit are Mandated Lead Arrangers and Bookrunners. Bank of America Merrill Lynch, Barclays, Credit Suisse, Danske Bank, Goldman Sachs, ING, Lloyds, Morgan Stanley, SMBC, Toronto Dominion and UBS are Mandated Lead Arrangers. Credit Agricole Corporate and Investment Bank is Facility Agent.
Saint-Gobain, the world leader in the habitat and construction markets, designs, manufactures and distributes building materials, providing innovative solutions to the challenges of growth, energy efficiency and environmental protection. With 2011 sales of more than EUR 42 billion, Saint-Gobain operates in 64 countries and has nearly 195,000 employees.