Germany's third largest chemical company has closed a €2 billion credit financing deal, originally announced at the beginning of July, by means of a syndicated facility with a group of leading international banks.
The company said the transaction will serve to enhance the maturity profile of existing financial debt as well as for liquidity safeguarding. The facilities consist of a one year tranche and a five year tranche with a volume of €1bn each.
BNP Paribas, Commerzbank, Dresdner Kleinwort Wasserstein and JP Morgan acted as lead arrangers for the transaction.
Degussa said that the success of the syndication can be attributed to "its strong banking relationships and pre-eminent position in specialty chemicals."
