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.
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