Daily News: December 18, 2013

Citi, Others Extend Facilities for Saint-Gobain

Compagnie de Saint-Gobain signed, with a group of 26 banks, an undrawn revolving credit facility for an amount of $3.4 billion (€2.5 billion), maturing in December 2018, with two options for an additional one-year extension each.

Banks participating in at least one of the facilities include: Banco Santander, Bank of Tokyo-Mitsubishi UFJ, Barclays, BBVA, BNP Paribas, Citi, Commerzbank, Crédit Agricole Corporate and Investment Bank, Crédit Mutuel – CIC, HSBC, Intesa Sanpaolo, JP Morgan, Mizuho, Natixis, Royal Bank of Scotland, Société Générale Corporate and Investment Banking and Unicredit are Mandated Lead Arrangers and Bookrunners. ANZ, Bank of America Merrill Lynch, Credit Suisse, Danske Bank, Deutsche Bank, Goldman Sachs, ICBC, ING, La Banque Postale, Lloyds, Morgan Stanley, Nordea, SMBC, Standard Chartered Bank and Toronto Dominion are Mandated Lead Arrangers. Crédit Agricole Corporate and Investment Bank is facility agent for both facilities.

The facility was significantly oversubscribed with bank commitments reaching in excess of $4.94 billion (€3.6 billion).

It replaces a facility of an equivalent amount, which was due to mature in 2015.

At the same time Compagnie de Saint-Gobain obtained the agreement from 27 banks to extend the maturity from December 2017 until December 2018 and reduce the cost of another $2.06 billion (€1.5 billion) undrawn revolving credit facility.

The initial margin for both facilities is set at 50 basis points, based on Saint-Gobain’s long-term senior debt being currently rated BBB by Standard & Poor’s and Baa2 by Moody’s.