Schaeffler Adds Three Banks to Refinancing-Package Group

Schaeffler AG, the German bearing manufacturer that’s the biggest investor in tiremaker Continental AG (CON), has expanded the number of creditors for an 8 billion-euro ($10 billion) refinancing package to 11 banks.

Barclays Plc (BARC), Bayerische Landesbank and Citigroup Inc. (C) have joined BNP Paribas SA (BNP), Commerzbank AG (CBK), Deutsche Bank AG (DBK), HSBC, JPMorgan Chase & Co. (JPM), Landesbank Baden-Wuerttemberg, Royal Bank of Scotland Group Plc (RBS) and UniCredit SpA (UCG) as lenders, the Herzogenaurach-based company said in a statement today.

The step completes the company’s effort to refinance debt accumulated from taking a majority stake in Hanover-based auto- parts supplier Continental in 2009. In February, Schaeffler placed 2 billion euros in bonds and about 1.4 billion euros in loans with institutional investors.

To contact the reporter on this story: Dorothee Tschampa in Frankfurt at

To contact the editor responsible for this story: Chad Thomas at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.