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Siemens Begins Syndication of $3 Billion Five-Year Credit Line

Sept. 18 (Bloomberg) -- Siemens AG, Europe’s biggest engineering company, is seeking a $3 billion credit line from lenders.

“Siemens is looking to raise a $3 billion revolving credit facility and syndication of the debt has begun,” Hans-Peter Rupprecht, corporate treasurer of Siemens, said in an e-mailed statement. The five-year loan will have two one-year extension options and is being arranged by Commerzbank AG, Deutsche Bank AG and JPMorgan Chase & Co.

The company’s previous $3 billion revolving credit facility, a type of debt where money repaid can be borrowed again, was due to mature last month, according to data compiled by Bloomberg. The Munich-based company got a 4 billion-euro ($5.3 billion) credit line last year paying an interest margin of 30 basis points more than benchmarks, the data show.

To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

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