European aerospace giant Airbus has amended and extended a €3bn (US$3.79bn) revolving credit facility to take advantage of market conditions.
The revolver, which has a maturity of five years and holds two one-year extension options, priced at 20 basis…
European aerospace giant Airbus has amended and extended a €3bn (US$3.79bn) revolving credit facility to take advantage of market conditions.
The revolver, which has a maturity of five years and holds two one-year extension options, priced at 20 basis points over Euribor.
It replaces a €3bn facility secured in April 2011 with the same maturity, which paid an initial margin of 37.5 basis points based on a ratings grid.
Airbus, whose defence and space subsidiary Airbus DS announced plans in September to sell its commercial satcoms assets, said the new revolver was closed oversubscribed and will be used for general corporate purposes.
It attracted a total 40 banks as lenders, with The Bank of Tokyo-Mitsubishi, Crédit Agricole, RBS and UniCredit Bank listed as coordinators.
Tier one lenders are Tokyo-Mitsubishi; Crédit Agricole, RBS, UniCredit, Banco Bilbao Vizcaya Argentaria, Banco Santander, Barclays, BNP Paribas, Citibank, Commerzbank, Credit Industriel et Commercial, Deutsche Bank, HSBC, Mizuho, Natixis, Société Générale and Sumitomo Mitsui Banking.
The group’s plan to divest assets that generate revenues of around US$2.53bn in total is part of its far-reaching restructuring strategy, which kicked off last year when it integrated its satellite business Astrium with its military units, creating Airbus DS.
A spokeswoman told SatelliteFinance in mid-September that it hoped to find buyers in the next few months so it can wrap up the divestitures by the middle of 2015.
The Airbus group posted €57.6bn (US$72.8bn) in total revenues for 2013 and employs around 139,000 people.