STRABAG SE, a listed construction services technology group, has successfully refinanced and increased two syndicated guarantee and cash credit facilities, totalling €3 billion.
The guarantee facility has been increased from €2 billion to €2.5 billion, while the cash credit facility has been increased from €400 million to €500 million. The transaction with a consortium of eleven international banks was completed before the end of the term of the existing credit lines.
STRABAG will make the guarantee facility available to its group subsidiaries if they require access to bank guarantees for their operating activities. The cash credit facility continues to serve the purpose of maintaining a liquidity reserve. The increase of the two credit facilities reflects the company's growth in recent years and forms part of the 2030 strategy.
Each credit line has a term of five years, extendable by up to two additional years.
Hengeler Mueller team for STRABAG
Financing: Henning Hilke, Johannes Tieves (both partner, both lead), Simon Tänzer (associate, all Frankfurt).