GEA Group Aktiengesellschaft achieved a further step in securing its long-term funding by a new syndicated credit line (‘club deal’) of EUR 650 million.
This club deal replaces an earlier one of same volume which would have come due in June 2015. GEA Group’s financing structure could be improved yet again by further extending maturities and lowering credit spreads. The term of the credit line is for 5 years with two successive extension options of one year each until August 2020 in total. Furthermore, GEA successfully negotiated better terms in the credit documentation.
“We took advantage of a very favorable time window of opportunity in the market to extend our financing structure with foresight at an early stage”, noted Dr. Helmut Schmale, CFO of GEA Group Aktiengesellschaft. “The favorable lowered spreads again highlight the strong standing of GEA in the credit and capital markets. The involved consortium of banks represents a very good mix of domestic and international banking partners to support our future growth.”