SAP launches Eu1.5bn five year RCF to refi 2009 deal
German software firm SAP launched the syndication of a five year Eu1.5bn revolving credit facility on Thursday afternoon, having mandated Commerzbank, Deutsche Bank, Royal Bank of Scotland and Société Générale as mandated lead arrangers and bookrunners on the deal.
The new facility, which is not expected to be drawn, will replace a Eu1.5bn three year revolver signed by the unrated firm in September last year. The borrower paid 110bp for the three year paper, but should now price a five year deal with a tighter margin.
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