Clearstream Banking SA, part of the financial-settlement company owned by Deutsche Boerse AG (DB1), is replacing a 750 million-euro ($975 million) credit line, two people with knowledge of the matter said.
The three-year facility is due to sign later this month, said the people, who asked not to be identified because the transaction is private. Commerzbank AG and BNP Paribas SA are coordinating the loan for the Luxembourg-based company, they said.
The revolving credit will replace a one-year deal of the same size and pays interest linked to Clearstream’s ratings, the people said. The commitment fee for undrawn portions of the debt is equal to 35 percent of the margin, they said. Under a revolver, money repaid can be borrowed again.
Clearstream is rated AA by both Standard & Poor’s and Fitch Ratings, their third-highest investment-grade rank, data compiled by Bloomberg show.
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