Hochtief Renews $2.7 Billion Credit Line Ahead of Time in Case of Slump

Hochtief AG, Germany’s largest builder, is renewing a 2 billion-euro ($2.7 billion) credit line ahead of schedule to safeguard the company in case financial markets worsen.

“We are extending our credit line prematurely as a precautionary matter in case the environment deteriorates,” Hochtief spokesman Christian Gerhardus said by telephone today. Bloomberg News had reported on Dec. 6 that the company was seeking to extend the agreement.

The move is not motivated by Hochtief potentially postponing the planned sale of its airports unit, Gerhardus said. The company on Nov. 14 said the sale of the airport- operating business is being delayed by the struggling European economy.

“Hochtief is completely financed, and our financing is entirely independent from the sale of our airports unit,” Gerhardus said.

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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