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Saint-Gobain adjusts new syndicated credit line to 2 billion
By Sarah Lizee
Olympia, Wash., March 30 Compagnie de Saint-Gobain adjusted the amount of its new syndicated credit line to 2 billion from 2.5 billion following the launch of its 1.5 billion of bonds.
The bonds include a 750 million 1.75% three-year tranche and a 750 million 2.375% 7.5-year tranche, according to a press release.
With these two transactions, Saint-Gobain has secured 3.5 billion in new financing, compared to 2.5 billion as of March 23.
The new financing is in addition to a confirmed and undrawn back-up credit line of 4 billion.
According to a previous notice, the group reaffirmed that it has a very solid financial position and has the necessary cash and financing in place to cope with the consequences of the pandemic.
As of Dec. 31, the groups cash and cash equivalents stood at 5 billion.
Based in Courbevoie, France, the company processes and distributes materials that include glass, ceramics, plastics and cast iron.
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