Schaeffler uses Conti shares sale to reduce loan facility

The holding company of car parts maker Schaeffler has refinanced an outstanding credit facility and decreased the size from Eu7.4bn to Eu4.8bn, funded by the sale of Eu1.8bn of shares of Continental held by two banks on Schaeffler’s behalf and as part of a wider restructuring of the Schaeffler group’s debt.

  • 01 Apr 2011

The interest rate for the facility for Schaeffler Holding, which was agreed in August 2009 with Commerzbank, LBBW, Royal Bank of Scotland, UBS and UniCredit, has been cut to under 10% from around 17%.

Schaeffler Holding will use Eu400m of operating cash and Eu600m of cash from the operating ...

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3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

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