Deleveraging Sanofi trims syndicate for €3bn revolver

25 Nov 2011

Sanofi-Aventis, the pharmaceutical firm, has managed to cut the size of the bank group on its new €3bn facility but demand for the A1/AA-/AA- rated company’s paper has meant that some banks have also joined the syndicate.

France’s Sanofi has cut back the size of its corporate line, replacing an outstanding €5.8bn revolver due to expire next year with a €3bn one year plus one plus one facility. The group’s vice-president of treasury finance, Olivier Klaric, had told EuroWeek that he would have been happy ...

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