Conti plans early loan refi

29 Oct 2009

Continental, the debt-laden car parts supplier, said today that it will refinance or repay a Eu3.5bn loan tranche due in August next year by the end of the first quarter. The German borrower, rumoured to be planning a bond issue, also said it would launch a Eu1bn-Eu1.5bn capital increase in that time.

While the company said it was looking at several options to repay the debt, bankers were wary about its chances of rolling it over in the loan market. “This wouldn’t be the easiest deal to do,” said a loans banker. “It’s a strong company, but the sector is ...

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