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Saint Gobain Inks Contract with 24 Banks for Three Billion Euros

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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/

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