Reuters: Technology News: Siemens seals $3 billion credit facility

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Siemens seals $3 billion credit facility Oct 2nd 2013, 09:04 Tweet Share this Email Print A man enters the office building of Siemens AG in Berlin September 30, 2013. Credit: Reuters/Tobias Schwarz FRANKFURT | Wed Oct 2, 2013 5:04am EDT FRANKFURT (Reuters) - 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. 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. 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. 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. Commerzbank, Deutsche Bank and JP Morgan acted as coordinators and active bookrunners. (Reporting by Harro ten Wolde; Editing by Mark Potter) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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