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Low & Bonar Gets 130 Million-Euro Credit Line to Refinance Debt

Low & Bonar Plc, the U.K. industrial-fabric maker, got a 130 million-euro ($171 million) credit line to refinance an existing facility, according to the banks arranging the financing.

The revolving credit maturing in February 2015 will pay an initial interest margin of 190 basis points more than benchmark lending rates, plus a commitment fee equivalent to 40 percent of the margin, the lenders said in a statement today. A basis point is 0.01 percentage point.

Barclays Capital, ING Groep NV, KBC Bank NV, and Royal Bank of Scotland Group Plc arranged the facility that will refinance the London-based company’s 175 million-pound ($271 million) revolving credit signed in July 2006, according to the statement.

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