Schaeffler nails down financing
By Stephen Bernard |
August 19, 2009, Wednesday
|
Print Edition
Print Edition
GERMAN car parts maker Schaeffler Group KG said yesterday it had secured a 12 billion euro (US$17 billion) financing plan with five banks.
The Herzogenaurach-based company said the deal was designed to secure sustainable financing for the group and would be split into two tranches.
The first loan will serve the operating activities of the group for four and a half years, while a second structural loan will last six years.
"The financing plan agreed with our banks is an important milestone for the successful transformation of Schaeffler Group," said Chief Financial Officer Klaus Rosenfeld.
"At the same time we have fulfilled another key requirement for a potential combination of the Schaeffler Group with Continental AG," Rosenfeld said.
Schaeffler, which makes products including ball bearings and powertrains, also said it would transform its family-owned structure to a capital-market oriented structure.
The Herzogenaurach-based company said the deal was designed to secure sustainable financing for the group and would be split into two tranches.
The first loan will serve the operating activities of the group for four and a half years, while a second structural loan will last six years.
"The financing plan agreed with our banks is an important milestone for the successful transformation of Schaeffler Group," said Chief Financial Officer Klaus Rosenfeld.
"At the same time we have fulfilled another key requirement for a potential combination of the Schaeffler Group with Continental AG," Rosenfeld said.
Schaeffler, which makes products including ball bearings and powertrains, also said it would transform its family-owned structure to a capital-market oriented structure.
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