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New credit lines of #8364;8.0 billion agreed
Maturity profile improved
Enlarged banking consortium with eight renowned banks
First time rating by Standard & Poor's and Moody's
Bond issuances of approx. #8364;2.0 billion planned
On January 27 Schaeffler AG completed a new credit agreement of #8364;8.0 billion with eight banks. The new agreement replaces the existing November 2009 credit financing. As a result, the maturity profile of the financial liabilities at the level of the operating business will improve significantly and the debt financing structure will be further optimized. The improved capital structure gives Schaeffler additional headroom for the further successful development of the group.
The new credit lines of #8364;8.0 billion replace the existing credit lines of #8364;7.7 billion, which would have been in place until June 2014. The new credit arrangement includes Term Loans in the amount of #8364;7.0 billion and a Revolving Credit Facility in the amount of #8364;1.0 billion. The Term Loans have staggered maturities of up to five years. The company plans to replace loans of approx. #8364;2.0 billion through the issuance of corporate bonds in the short to medium term. In addition to the envisaged bond issuances it is intended that the loan will be syndicated to further banks and institutional investors.
In course of the refinancing, the existing consortium of four banks was extended to a total of eight. The new banking consortium comprises BNP Paribas, Commerzbank, Deutsche Bank, HSBC, JP Morgan, LBBW, Royal Bank of Scotland and UniCredit.
"With the loan agreement signed today and our planned issuance of bonds we will diversify our funding sources and put our financing on a more sustainable and broader basis," said Klaus Rosenfeld, CFO of Schaeffler AG.
In preparation of the refinancing, Schaeffler AG
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| NJ2207EG NACHI | 35 | 72 | 23 |
| NJ207EG NACHI | 35 | 72 | 17 |