On September 3, 2013 Evonik Industries AG agreed a €1.75 billion syndicated revolving credit facility with its core banking group. The credit facility is split into two tranches of €875 million with initial maturities of three and five years. Both tranches also have two extension options of one year each. The credit facility serves as the central liquidity reserve of the Group and is currently not utilised.
With the credit facility, Evonik benefits from the currently favourable financing environment for German companies with good credit ratings and secures financial flexibility for the coming years. This credit facility replaces the previous €1.5 billion facility signed in 2011.
Wolfgang Colberg, Chief Financial Officer at Evonik, said: "All invited banks participated in the financing. The new loan thus underscores the trust that the banking industry has in Evonik’s strategy and financial reliability."
Ute Wolf, Group Finance Director at Evonik, added: "With this new credit facility, our banking partners are giving us the backing we need to drive forward our growth-focused strategy on an international level."
In total, 27 banks from the following countries are participating in the refinancing: Germany (7), the U.S. (5), Great Britain (4), France (3), Japan (2), China (2), Italy, Sweden, Switzerland, and Spain (one each).
Mandated lead arrangers & bookrunners:
Banco Bilbao Vizcaya Argentaria (BBVA), Bank of America Merrill Lynch, Bank of China, Barclays, BayernLB, BNP Paribas, Citi, Commerzbank, Crédit Agricole, Credit Suisse, Deutsche Bank, DZ Bank, Goldman Sachs, HSBC, J.P. Morgan, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen, Mizuho, Morgan Stanley, SEB, Société Générale, Standard Chartered, The Bank of Tokyo-Mitsubishi UFJ, The Royal Bank of Scotland, UniCredit.
Industrial and Commercial Bank of China (ICBC), WGZ Bank
The transaction was structured with the support of Barclays, BNP Paribas, and Unicredit as coordinators. Facility Agent is Deutsche Bank.
Evonik, the creative industrial group from Germany, is one of the world leaders
in specialty chemicals. Profitable growth and a sustained increase in the value of the company form the heart of Evonik’s corporate strategy. Its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms.
Evonik is active in over 100 countries around the world. In fiscal 2012 more than 33,000 employees generated sales of around €13.6 billion and an operating profit (adjusted EBITDA) of about €2.6 billion.
In so far as forecasts or expectations are expressed in this press release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Neither Evonik Industries AG nor its group companies assume an obligation to update the forecasts, expectations or statements contained in this release.