SKF signs EUR 800 million multicurrency revolving credit facility
SKF has successfully signed a EUR 800 million multicurrency revolving credit facility.Thefacility has a tenor of five years with two one-year extension options,and it will serve as a back-up liquidity facility for general corporate purposes. It refinances SKF’s existing and undrawn EUR 500 million syndicated credit facility and a separate EUR 250 million bilateral credit facility, which in aggregate totaled EUR 750 million.
Niclas Rosenlew, CFO and Senior Vice President, says: “The renewed facility gives us a solid long-term liquidity structure in addition to our already strong balance sheet. It also highlights the strength of our strategy and ability to raise committed financing in the current market.”
The facility is supported by a group of ten leading global and regional banks.Bank of America and SEB acted as joint Co-ordinating Mandated Lead Arrangers and Bookrunners in the process. In addition,Bank of China, BNP Paribas, Citibank, Deutsche Bank, Handelsbanken, HSBC, J.P. Morgan, and Nordea, joined the facility as Mandated Lead Arrangers and Bookrunners.
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