Peugeot SA has signed a EUR2.4bn three-year syndicated revolving credit facility with a group of 21 banks. The new facility refinances the existing EUR2.4bn facility which was due to mature in March 2011.
This revolving facility has an opening margin of 170 basis points, including a 40% of non utilisation fee.
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The company said that together with the two debt capital market transactions in June (a EUR500m five-year bond issue and a simultaneous EUR244.9m partial buyback of the bonds due in September 2011), this facility “aims to anticipate the group’s 2011 refinancing, at favourable conditions, achieving a lengthening of its average debt maturity and strengthening further its balance sheet.”
