German engineer Siemens has secured a $3 billion revolving credit facility to replace a previous arrangement which expired last month, the company said on Wednesday.<\/p>\n
Europe’s biggest engineering firm said it had received more than $5.7 billion in commitments. “Due to this huge oversubscription banks’ commitments were significantly scaled back,” it said.<\/p>\n
The facility has a tenor of five years with two one-year extension options. It replaces the company’s $4 billion facility from 2006, which expired in August 2013.<\/p>\n
Siemens will pay a margin of 20 basis points (bps) over LIBOR on the new financing, below the 30 bps it pays on a 4 billion euro ($5.3 billion) facility arranged in April last year.<\/p>\n
Commerzbank, Deutsche Bank and JP Morgan acted as coordinators and active bookrunners.<\/p>\n
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