Dec 9 2010
Compagnie de Saint-Gobain today signed, with a large group of 24 banks, a revolving credit facility for an amount of Euro 3 billion, maturing in December 2015.
The operation was significantly oversubscribed at Euro 3.5 billion, enabling Saint-Gobain to increase the size of the facility to Euro 3 billion from Euro 2 billion at launch, which underlines banks' confidence in the credit quality of Saint-Gobain.
Reflecting improved market conditions the initial margin of this facility is set at 75 basis points, based on Saint-Gobain's long-term senior debt being currently rated BBB by Standard & Poor's and Baa2 by Moody's.
This operation allows Saint-Gobain to replace a Euro 2 billion facility otherwise maturing in November 2011 and to reduce from Euro 2 billion to Euro 1 billion another credit facility maturing in June 2013. It therefore reinforces the Group's strong liquidity for the next 5 years.
Source: http://www.saint-gobain.co.in/