Swiss-Swedish engineering giant ABB has signed a $2 billion, five-year revolving credit facility agreement with a group of 20 banks.
The unsecured facility replaces a $1 billion credit facility that was due to expire in November 2006 and was oversubscribed by approximately 60%. The funds will be used for general corporate purposes.
“This new agreement gives us greater financial flexibility at terms and conditions that reflect our return to strong financial health,” said Michel Demaré, ABB’s chief financial officer.
The syndicate consists of Barclays Capital, Bayerische Hypo- und Vereinsbank AG, BNP Paribas, Citigroup Global Markets Limited, Commerzbank AG, Credit Suisse, Deutsche Bank AG, Dresdner Kleinwort Wasserstein, HSBC Bank plc, Nordea Bank AB, Skandinaviska Enskilda Banken AB and Svenska andelsbanken AB as Mandated Lead Arrangers. Arrangers are ABN AMRO Bank N.V., Banco Bilbao Vizcaya Argentaria S.A., Bank of America N.A., DNB Nor Bank ASA, ING Luxembourg S.A., KBC Bank N.V. and UBS. The Co-Arranger is Banca Intesa SpA.
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