Heidelberg restructures loans but gives little detail

HeidelbergCement completed one of the biggest loan restructurings of the year when it signed a new Eu8.7bn facility on Thursday. The deal, which matures on December 15, 2011, ends months of negotiations with lenders and means that the company, rated B1/B-/B, can focus on deleveraging by disposing assets and raising equity.

  • 19 Jun 2009

The German building materials group, which had net debt of Eu11.6bn at the end of last year, has rolled about Eu5.6bn of syndicated loans and Eu3.2bn of bilateral lines into one facility.

Heidelberg did not disclose the amendment fee or the structure of the deal. But the margins are ...

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