Evonik renews syndicated credit facility over €1.5 billion

Evonik Industries AG successfully concluded the refinancing of its existing € 1.5bn syndicated credit facility on August 2, 2011. With the refinancing, Evonik benefits from a significantly improved market environment as well as its investment grade classification, obtained for the first time in May 2011, from rating agencies Standard & Poor’s (BBB/stable) and Moody’s (Baa3/positive). The new credit facility is split into three equal tranches with terms of three, four, and five years. The facility serves for central liquidity management and is not currently being drawn. Evonik CFO Wolfgang Colberg says: "With this transaction we have created a sound liquidity reserve that will support our strategy of organic growth. We hereby benefit from our long-term relationship with strong banking partners." A total of 27 national and international banks are participating in the financing, underscoring the trust that Evonik enjoys as a globally operating corporation. 

Mandated lead arrangers and bookrunners:
Banco Bilbao Vizcaya Argentaria S.A. (BBVA), Bank of America Merrill Lynch, Barclays Capital, BayernLB, BNP Paribas, Citi, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank Deutschland, CREDIT SUISSE, Deutsche Bank AG, DZ BANK AG Deutsche Zentral-Genossenschaftsbank Frankfurt/Main, Goldman Sachs, HSBC, INTESA SANPAOLO S.p.A., J.P. Morgan
Limited, Mizuho Corporate Bank, Ltd., SOCIETE GENERALE, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Düsseldorf Branch, The Royal Bank of Scotland, UniCredit Corporate Investment & Banking, WestLB AG.

Lead arrangers:
Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, MORGAN STANLEY, SEB AG, Standard Chartered Bank, WGZ BANK AG
The transaction was prepared and handled by BNP Paribas, Deutsche Bank AG, and The Royal Bank of Scotland as coordinators.