The facility, initially planned for an amount of Euro 1 billion, was significantly oversubscribed with bank commitments reaching in excess of Euro 2.2 billion. This enabled Saint-Gobain to increase the size of the facility to Euro 1.5 billion and underlines renewed banks’ confidence in the credit quality of Saint-Gobain.
The initial margin for the facility is set at 85 basis points, based on Saint-Gobain’s long-term senior debt being currently rated BBB by Standard & Poor’s and Baa2 by Moody´s.
This credit facility is replacing a Euro 1 billion facility which was due to mature in June 2013 and allows to reduce from Euro 3 billion to Euro 2.5 billion another facility maturing in December 2015. This operation reinforces the group’s strong liquidity for the next 5 years as all of these lines are undrawn.
* ANZ, Banco Santander, Bank of Tokyo-Mitsubishi UFJ, BBVA, BNP Paribas, Citi, Commerzbank, Crédit Agricole Corporate and Investment Bank, Crédit Mutuel – CIC, HSBC, Intesa Sanpaolo, JP Morgan, Mizuho, Natixis, Royal Bank of Scotland, Société Générale Corporate and Investment Banking and Unicredit are Mandated Lead Arrangers and Bookrunners. Bank of America Merrill Lynch, Barclays, Credit Suisse, Danske Bank, Goldman Sachs, ING, Lloyds, Morgan Stanley, SMBC, Toronto Dominion and UBS are Mandated Lead Arrangers. Crédit Agricole Corporate and Investment Bank is Facility Agent.
Saint-Gobain, the world leader in the habitat and construction markets, designs, manufactures and distributes building materials, providing innovative solutions to the challenges of growth, energy efficiency and environmental protection. With 2011 sales of more than €42 billion, Saint-Gobain operates in 64 countries and has nearly 195,000 employees.
