Schaeffler seeks flexibility via amendments
German ball-bearings maker Schaeffler, which in March completed a blow-out €8bn debt refinancing, is to amend certain terms of the €5.6bn loan portion of that debt in order to provide itself with "additional flexibility to further enhance its capital structure".
Schaefflers relationship banks which hold roughly 68% of the total existing loans have already committed to the new changes, with institutional lenders having until December 6 to reply. These lenders are being offered a fee of 15bp for consenting to the amendments.
The amendments would be structured
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