Lafarge cements longer maturities

French building materials firm Lafarge has signed a two year extension to its €1.2bn syndicated loan, pushing out the maturity on the facility to July 2015. Some 24 lenders consented to the new maturity.

  • 20 Mar 2012
In return, the out-of-the-box margin on the loan will increase to 200bp, but the pricing will now be linked to a leverage grid, rather than a ratings grid. Lafarge was downgraded by Standard & Poor’s to BB+ in March and from Baa3 to Ba1 by Moody’s in August. ...

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