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".

  • 30 Nov 2012

Schaeffler’s 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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