Sanofi-Aventis pays up for Eu3.7bn extension
French pharmaceuticals group Sanofi-Aventis has secured a Eu3.7bn one year extension to an outstanding loan maturing next week, after agreeing to increase the margin and commitment fee.
The new loan, which will become effective on January 14 and is one of the first chunky deals to be completed this year, replaces a Eu4.08bn facility signed in 2008.
This in turn was an extension of a Eu5bn facility from 2005.
The margin will this time be increased to 40bp from 10bp, and Sanofi will pay lenders a commitment fee of 13bp instead of the 8.5bp originally discussed. There will also be a utilisation fee of 15bp
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