Faurecia refinances bank loans with €1.2 billion five-year facility

By Susanna Moon

Chicago, Nov. 10 – Faurecia said it refinanced its €1.15 billion syndicated facility to extend its debt maturity profile, obtaining a new €1.2 billion five-year syndicated credit facility last Friday. The existing facility was arranged in December 2011 and was set to mature in December 2016.

The bookrunners are BNP Paribas, Commerzbank AG, Credit Mutuel-CIC, Credit Agricole Corporate & Investment Bank, HSBC France, Natixis and Societe Generale Corporate & Investment Banking.

The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Citigroup Global Markets Ltd. are the mandated lead arrangers. Santander is the arranger.

The new credit facility has been fully subscribed and will subsequently be syndicated. It will take the form of a revolving credit line composed of one single tranche maturing in December 2019.

The covenants include a consolidated financial ratio of net debt to EBITDA of less than 2.5 times.

After settlement, Faurecia will repay any remaining outstanding amounts under its existing credit facilities, if drawn at that time. The existing syndicated facility was not drawn as of June 30, the release noted.

Faurecia is a Nanterre, France-based automotive equipment supplier.

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