Compagnie de Saint-Gobain announced 29 November 2002 that the syndication of its EUR1.0 billion 5-year syndicated loan Facility was successfully closed. The transaction was considerably oversubscribed…
Compagnie de Saint-Gobain announced 29 November 2002 that the syndication of its EUR1.0 billion 5-year syndicated loan Facility was successfully closed. The transaction was considerably oversubscribed allowing Saint-Gobain to increase the size of the Facility to EUR1.2 billion. The Facility was signed on 28 November 2002. According to Saint-Gobain, the purpose of the Facility is to refinance the existing USD 1.0 billion syndicated facility arranged in April 1996 and maturing in April 2003. The Facility will be used for Commercial Paper backstop and general financing purposes. The Facility is expected to remain undrawn and will provide the Saint-Gobain Group with an increased reserve of liquidity for the next 5 years. The Facility has been supported by a strong group of 19 international banks. The company claim that this indicates Saint-Gobain“s appeal in the debt capital markets, its sound financial structure and ability to generate cash flow.