(Corrects currency amount in headline, first paragraph in story published March 26.)
March 26 (Bloomberg) -- BASF SE, the world’s biggest chemicals maker, raised a 3 billion-euro ($3.83 billion) revolving credit facility to replace a credit line maturing next year.
The five-year transaction, which can be extended by as much as two years, refinances a $2.25 billion facility, said Jennifer Moore-Braun, a spokeswoman for Ludwigshafen, Germany-based BASF, in an e-mail. Under a revolver, money repaid can be borrowed again.
Lenders offered the company more than double the amount sought and commitments to the deal were scaled back, according to two people with knowledge of the matter who asked not to be identified because the terms are private. Citigroup Inc., ING Groep NV, LBBW and Mizuho Financial Group Inc. arranged the transaction, they said.
The loan pays an initial interest rate of 25 basis points more than benchmark lending rates, according to data compiled by Bloomberg. A basis point is 0.01 percentage point.
BASF is rated A1 by Moody’s Investors Service and A+ by Standard & Poor’s and Fitch Ratings, the fifth-highest investment grade level.
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