DGAP-News: Continental AG: Continental Successfully Refinances
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Continental AG: Continental Successfully Refinances
23.01.2013 / 10:08
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Press Release
Continental Successfully Refinances
- New agreement on EUR4.5 billion syndicated loan signed
- Terms through 2016 and 2018 further improving Continental's debt
maturity profile
- Higher degree of security thanks to geographically broader consortium
of banks
Hanover, January 23, 2013. The international automotive supplier
Continental has signed a new syndicated loan agreement, thereby further
improving its debt maturity profile. Committed to by approximately 30
domestic and international banks, the credit amount has been reduced
slightly. It now totals EUR4.5 billion and is split up into two tranches of
differing duration - a loan in the amount of EUR1.5 billion, with a term of
three years, and a five-year revolving credit line in the amount of EUR3
billion. For the new syndicated loan, Continental has been able to obtain
the release of the asset collateral previously put up for the financing and
has also implemented further simplifications with regards to the
documentation.
'The new loan agreement not only improves our financing and debt maturity
profile but also puts our financing on a geographically broader footing,'
reported Continental CFO Wolfgang Schäfer following the signing of the new
agreement, adding: 'This will enable us to better absorb regional
fluctuations in the global capital market environment in the future and
generally respond more flexibly to volatile markets. The great trust that
the banks have again demonstrated gives us renewed confidence that with our
long-term strategy, we are pursuing the right path for Continental.'
Mainly by launching five bonds and generating free cash flow (FCF), the DAX
30 company had, in the interim, been able to reduce almost EUR9 billion off
the original EUR13.5 billion syndicated loan agreed in 2007. In the last
three years, the company's net indebtedness has dropped by more than EUR2.5
billion. At the end of the 3rd quarter of 2012, it stood at EUR6.8 billion.
The gearing ratio (net indebtedness divided by total equity) amounted to 78
percent at that point in time. Continental closed the third quarter of 2012
with unused credit line commitments in the amount of just under EUR2.6
billion. Up until then, the company had availed a mere EUR602 million of
the EUR2.5 billion revolving credit line under the terms of the previous
syndicated loan.
On March 7, 2013, Continental will present preliminary figures for fiscal
year 2012 at its Annual Press Conference in Frankfurt/Main.
With provisional sales of EUR32.7 billion in 2012, Continental is among the
leading automotive suppliers worldwide. As a supplier of brake systems,
systems and components for powertrains and chassis, instrumentation,
infotainment solutions, vehicle electronics, tires, and technical
elastomers, Continental contributes to enhanced driving safety and global
climate protection. Continental is also an expert partner in networked
automobile communication. Continental currently has more than 170,000
employees in 46 countries.
Press contact:
Hannes Boekhoff Antje LeweThis press release is available in the following languages: German, English
Vice President for Media Relations Spokeswoman
Continental AG Continental AG
Vahrenwalder Strasse 9 Vahrenwalder Strasse 9
30165 Hanover, Germany 30165 Hanover, Germany
Phone: +49 (0) 511 938-1278Fax: +49 Phone: +49 (0) 511 938-1364Fax: +49
(0) 511 938-1016 (0) 511 938-1016
Email: corporate-media- Email: corporate-media-
relations(at)conti.de relations(at)conti.de
Online media database: www.mediacenter.continental-corporation.com
Financial reports: www.continental-ir.de
End of Corporate News
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Language: English
Company: Continental AG
Vahrenwalder Straße 9
30165 Hannover
Germany
Phone: +49 (0)511 938-1068
Fax: +49 (0)511 938-1080
E-mail: ir(at)conti.de
Internet: www.conti.de
ISIN: DE0005439004
WKN: 543900
Indices: DAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg,
Hannover, Stuttgart; Freiverkehr in Berlin, Düsseldorf,
München; Terminbörse EUREX; Luxembourg, SIX
End of News DGAP News-Service
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199655 23.01.2013
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Datum: 23.01.2013 - 10:08 Uhr
Sprache: Deutsch
News-ID 222074
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