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Essen, Nordrhein-Westfalen, Germany, 2011/12/15 - HOCHTIEF (hochtief.com) has successfully refinanced existing cash loans and guarantee facilities with a combined volume of EUR 2.0 billion. ASX: CIM
• Bank demand exceeds credit volume by almost 20 percent;
• Tenor of five years; good and attractive conditions;
• Group financing secure long-term as a result.
HOCHTIEF (hochtief.com) has successfully refinanced existing cash loans and guarantee facilities with a combined volume of EUR 2.0 billion: With an international banking syndicate, the Group agreed a syndicated guarantee facility with a tenor a five years from December 13, 2011. EUR 1.5 billion of the volume are guarantee drawings, EUR 0.5 billion cash drawings. HOCHTIEF can flexibly draw and return the letters of guarantee within the limit at pre-arranged and good conditions that are in line with usual market practice. This early refinancing of the lines which expire at the end of 2012 was well received on the international banking market: At over EUR 2.3 billion, bank demand significantly exceeded the refinancing requirements.
"We are delighted by the high level of interest of the credit markets. The clear oversubscription in today‘s generally difficult economic environment again confirms HOCHTIEF’s good credit rating,“ said Peter Sassenfeld, CFO of HOCHTIEF Aktiengesellschaft. The facility is a key element of the Group’s long-term financing strategy and ensures that sufficient guarantee lines are available for the HOCHTIEF Europe and HOCHTIEF Concessions divisions as well as for US-subsidiary Turner. The subsidiaries Turner (US) and Leighton (Australia/Asia) have their own appropriate facilities.
The credit line was arranged by an international banking syndicate.
The Bookrunners are: BNP Paribas, Commerzbank Aktiengesellschaft, ING, a Branch of ING-DiBa AG, The Royal Bank of Scotland plc, UniCredit Bank AG.
The Mandated Lead Arrangers are: Bayerische Landesbank, BNP Paribas, Citibank International plc, Commerzbank Aktiengesellschaft, Deutsche Bank AG, ING, a Branch of ING-DiBa AG, The Royal Bank of Scotland plc, UniCredit Bank AG and WestLB.