Hanover, Germany - Continental AG, is closing the syndication of a €13 500 million loan package, supported by a consortium of international banks. The credit facility will provide the long-term financing of its purchase of Siemens VDO Automotive AG. Conti said the transaction was well received and will be healthily oversubÂscribed. According to an announcement issued by the international automotive supplier on Friday in Hanover, a total of 39 banks are participating in the financing which has been led by Citi and Goldman Sachs.
Continental said it plans to repay a portion of the loan in short order by means of an increase in shareholders' equity not exceeding ten percent of outstanding shares and by issuing bonds.
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Press release from Continental