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Schaeffler Adds Three Banks to Refinancing-Package Group

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

Barclays Plc, Bayerische Landesbank and Citigroup Inc. have joined BNP Paribas SA, Commerzbank AG, Deutsche Bank AG, HSBC, JPMorgan Chase & Co., Landesbank Baden-Wuerttemberg, Royal Bank of Scotland Group Plc and UniCredit SpA 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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