RENK refinances debt with €525 million term loan from bank consortium

By Mary-Katherine Stinson

Lexington, Ky., Feb. 27 – RENK AG refinanced its debt with a €525 million term loan from a consortium of banks, according to a press release.

The term loan has a maturity of five years. The variable interest rate has been hedged into a fixed rate for a large part of the corresponding volume for three years.

It joins a €450 million multi-currency guarantee facility and a €75 million revolving facility, which are both undrawn.

The new term loan facility replaces the company’s €520 million 5.75% corporate bond due 2025 which was redeemed on Feb. 20.

The company is an Augsburg, Germany-based supplier of drivetrain technologies.

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