New revolving credit line of € 400 million replaces existing revolving credit facility
- Initial five-year term with extension option
- Attractive long-term conditions secured
Wienerberger AG today communicated the conclusion of a new € 400 million credit line. It can be drawn on at least until November 2023, replaces the existing credit facility and is available for general corporate purposes. In principle, the credit line has a term of five years, but can be extended up to two years. The bank consortium comprises 10 relationship banks, with BNP Paribas SA, Raiffeisen Bank International AG and UniCredit Bank Austria AG, Wienerberger’s banking partners of many years, in the lead.
This long-term commitment by our core banks is an important pillar of our corporate financing structure. It provides us with a strong liquidity for our business at attractive terms and conditions. We greatly appreciate the excellent cooperation with our core banks. I take the banks’ focus on the simplification of the covenants as well as other contractual details as a clear sign of their confidence in the strength of the Wienerberger Group.
In the course of the negotiations of the new credit facility, the threshold of the net debt / EBIDTA covenant was increased to 3.9 x due to the effects of the implementation of the new leasing standard IFRS 16 as of 2019. The interest coverage ratio, which still applies to other financing contracts, is of no relevance for this financial instrument.