Borealis signs EUR 700 million revolving credit facility

Borealis yesterday signed an agreement with 22 international banks for a EUR 700 million revolving credit facility. The financing is for general corporate purposes, including the refinancing of an existing credit facility. The EUR 700 million credit facility has a maturity of five years and carries an initial margin of 80 bp above Euribor.

The credit facility, which was syndicated on a targeted basis among the company’s core relationship banks, attracted a strong support from the market. Following an oversubscription in excess of 90%, Borealis has opted to increase the size of the facility from the initial EUR 400 million launch amount to EUR 700 million.

The 22-strong syndicate comprises ABN AMRO, The Bank of Tokyo-Mitsubishi, Ltd, Barclays Capital, Danske Bank, Fortis Bank SA/NV, ING Bank NV and Nordea as Mandated Lead Arrangers. BankAustria, HSH Nordbank and Svenska Handelsbanken as Arrangers. Den norske Bank, FIH, NordLB, Nykredit, Sampo Bank, SEB and WestLB as Co-Arrangers. Banca Nazionale del Lavoro, Citigroup, RZB, RLB Oberösterreich and Sanpaolo IMI as Senior Lead Managers.

“We are extremely pleased with the continuing interest of our relationship banks as well as new banks”, says Chief Financial Officer Clive Watson. “The oversubscription clearly underlines strong support for Borealis and demonstrates confidence in our strategy.”

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