TrelleborgVibracoustic has secured a EUR 220 M and USD 75 M syndicated revolving credit facility with a five-year tenor. The facility is fully standalone and thus without recourse to the shareholders of TrelleborgVibracoustic. The facility is provided by a broad syndicate of leading banks. BNP Paribas, DNB and Landesbank Baden-Württemberg acted as coordinating bookrunners and mandated lead arrangers.
The credit facility will form the cornerstone of TrelleborgVibracoustic’s future debt financing, providing flexibility in respect of the company’s upcoming funding needs and acting as a liquidity reserve. Overall, the facility represents an important final step in operationalizing TrelleborgVibracoustic as an independent global industrial player.
A maiden drawdown is scheduled for the first quarter of 2013 and will be used to repay existing shareholder loans. Trelleborg will then receive a total of approximately SEK 800 M. This will lead to a corresponding reduction in the interest-bearing loans granted by the Trelleborg Group as well as a matching reduction in the Trelleborg Group’s gross financial debt with the overall impact on Trelleborg‘s consolidated net debt and gearing being neutral.