Fallen angel K+S refis loan early for €960m as it foresees halving debt
K+S, the potash and salt producer, has refinanced its revolving credit facility a year early, to lock in favourable borrowing terms at it seeks to move back to positive free cashflow for the first time for more than five years.
The fallen angel, rated BB, picked DZ Bank, Helaba and LBBW to coordinate the transaction, which was syndicated to 12 lenders.
The new bank facilities are an €800m revolving credit facility and a €160m bullet loan, both with five year maturities.
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