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| Hochtief prolongs credit line of EUR 2 billion early Hochtief has successfully prolonged the existing cash and guarantee credit lines with a combined volume of EUR 2.0 billion: With the existing banking syndicate, the Group agreed to extend the syndicated credit facility, which was refinanced in 2011 with a maturity until 2016, to April 2019. EUR 1.5 billion of the volume is a guarantee facility, and EUR 0.5 billion is a cash revolving facility. The conditions have improved following an adjustment to the current market level, and are therefore much more favorable for Hochtief. The credit line is a key component of the company's long-term financing strategy and will ensure sufficient guarantee availability for the divisions. It is being provided by the same international banking syndicate as previously. The bookrunners for the current amended contract are: Commerzbank Aktiengesellschaft, ING, a Branch of ING-DiBa AG and UniCredit Bank AG. The facility agent continues to be Commerzbank Aktiengesellschaft, Luxembourg branch. write your comments about the article :: © 2014 Construction News :: home page |