ERJ staff report (BC)
Hannover - Tire maker Continental AG is refinancing its syndicated loan facility due to mature in April 2014.
The loan volume is to be reduced slightly - to a total of â‚¬4.5 billion - and divided into two tranches with different maturities: a term loan of â‚¬1.5 billion to mature in three years, and a five-year revolving credit facility of â‚¬3 billion.
Continental said it is â€œaiming to further improve its financing structure and maturity profile, while â€¦ enhancing its flexibilityâ€.
The company also intends to â€œease the complexity of documentationâ€.
Continental expects to sign the new loan agreement in January 2013.
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