Walldorf, Germany — SAP AG (NYSE: SAP) announced today the signing of a revolving credit facility of € 2 billion.
With signing the new credit facility documentation, SAP refinanced the existing credit facility of € 1.5 billion which would have expired in 2015. The revolving credit line was early refinanced due to favorable market conditions. With a tenor of 5 years and two 1-year extension options, SAP ensures significantly improved terms and conditions for the upcoming years. The size of the facility was increased to € 2 billion to support the company’s strong growth. The credit line may be used for general corporate purposes. A possible future withdrawal is not bound to any financial covenants.
“We are very pleased with successfully refinancing our Revolving Credit Facility. With this new credit facility in place, we enhanced our financial flexibility and lowered significantly our financing costs.” commented CFO Werner Brandt.
Citigroup Global Markets Limited, Deutsche Bank AG, Landesbank Hessen-Thüringen Girozentrale and The Bank of Tokyo-Mitsubishi UFJ, LTD were mandated as Bookrunners and Mandated Lead Arrangers in this transaction.
The credit line was very well perceived in the banking sector. A total of 27 banks are participating in the new facility, leading to a significant oversubscription of more than 60%. The successful transaction reiterates the excellent reputation of SAP in the capital market and the high creditworthiness based on a strong and stable financial position.
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 251,000 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
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