Rexam announced on 5 April 2004 the signing of a new committed GBP 875 million five year revolving credit facility maturing in April 2009.
Rexam said in a press release that the new facility refinanc…
Rexam announced on 5 April 2004 the signing of a new committed GBP 875 million five year revolving credit facility maturing in April 2009. Rexam said in a press release that the new facility refinances the remaining EUR 1.4 billion part of the facilities taken out in 2000 to finance the acquisition of American National Can, which have now been cancelled in full. The facility was arranged by the following banks, with each providing a commitment of GBP 60 million: ABN AMRO Bank N.V.; Banc of America Securities Limited; BNP Paribas; Citigroup Global Market Limited; Credit Suisse First Boston; HSBC Bank plc; Lloyds TSB Capital Markets; WestLB AG, London Branch; ABN AMRO Bank N.V.; Banc of America Securities Limited; BNP Paribas; Citigroup Global Market Limited; Credit Suisse First Boston; HSBC Bank plc; Lloyds TSB Capital Markets; WestLB AG, London Branch The bookrunners were BNP-Paribas and HSBC Bank plc, with Lloyds TSB Bank as Agent. The facility involves eleven other selected relationship banks, eight of which are Co-Arrangers, each providing a commitment of GBP 40 million, and three of which are participants, each providing a commitment of GBP 25 million. Chris Bowmer, Rexam“s Treasurer, said: “The new facility materially reduces our borrowing margins and enhances the maturity profile of the Group“s debt. In addition, the new arrangements reduce the bank group to a more manageable size. The deal was originally launched at GBP 800 million. It proved so popular with the relationship banks that we increased the facility to take up part of the oversubscription.”