Germany's third largest chemical company has raised € 2 bn of credit lines by means of a syndicated facility with a group of leading international banks.
Degussa said this week that the transaction will serve to enhance the maturity profile of existing financial debt as well as for liquidity safeguarding.
The new credit facility is intended to consist of a one year tranche and a five year tranche with a volume of € 1 bn each.
Degussa has mandated BNP Paribas, Commerzbank, Dresdner Kleinwort Wasserstein and JP Morgan to arrange the transaction. Syndication, which targets a selected group of Degussa's relationship banks, will be launched shortly and is scheduled to be completed at the beginning of August 2003.