Swedish vendor Ericsson has extended a US$2bn multi-currency revolving credit facility that was due to mature in 2014 by a further five years.
A total of 18 banks participated in the deal – both existing and new members to the syndicate.
HSBC and…
Swedish vendor Ericsson has extended a US$2bn multi-currency revolving credit facility that was due to mature in 2014 by a further five years.
A total of 18 banks participated in the deal – both existing and new members to the syndicate.
HSBC and Nordea acted as coordinators on the facility, which will be used for general corporate purposes.
The other banks are Citi, JP Morgan, Goldman Sachs, Deutsche Bank, RBS, BNP Paribas, Credit Agricole, Standard Chartered, Swedbank , SEB, Handelsbanken, Danske Bank and Morgan Stanley, with Barclays, ANZ and Santander joining as new banks to the group.
In a statement, Ericsson said: “Ericsson has a very strong and well diversified bank group. All banks that had been invited to join the group accepted.”
The new revolver is set to mature in 2018, although there are two extension options of one year each.
A spokesperson said: “This facility is for back-up purposes and Ericsson has no existing intention to make any draw down under the facility.”
The company had a gross cash position of SEK 72bn (US$10.72bn) at the end of Q1.
