GEA secures long-term refinancing

17.06.2010 13:59 "Agro Perspectiva" (Kyiv) — GEA Group Aktiengesellschaft has successfully renegotiated maturities of its long-term debt. A syndicated credit line (‘club deal’) of EUR 230 million from March 2009, previously due in 2011, has now been extended to a volume of EUR 650 million, with the first half coming due in 2013 and the second half not before 2015. Interest rates for this club deal were set at the lower range. In addition, the borrower’s note loan of EUR 200 million from 2008 has been increased to EUR 220 million and the maturity of a portion of EUR 128 million has now been extended to August 2013. «Following our credit agreement with the European Investment Bank at the end of last year, this recent extension of maturities and volumes of our debt facilities represents a further major step towards safeguarding our solid financing base,» said CFO Dr. Helmut Schmale. «These extensions give us a high degree of financial flexibility and answer any refinancing questions which the previous 2011 maturities entailed. The willingness of our partner banks and investors to extend their commitments underlines GEA’s strong position in the capital markets.»

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