Saint-Gobain Signs With 24 Banks

A Euro 3 Billion Credit Facility With a 5 Year Maturity

Dec 08, 2010, 13:36 ET from Saint-Gobain

COURBEVOIE, France, December 8, 2010 /PRNewswire-FirstCall/ -- Compagnie de Saint-Gobain today signed, with a large group of 24 banks*, a revolving credit facility for an amount of Euro 3 billion, maturing in December 2015.

The operation was significantly oversubscribed at Euro 3.5 billion, enabling Saint-Gobain to increase the size of the facility to Euro 3 billion from Euro 2 billion at launch, which underlines banks' confidence in the credit quality of Saint-Gobain.

Reflecting improved market conditions the initial margin of this facility is set at 75 basis points, based on Saint-Gobain's long-term senior debt being currently rated BBB by Standard & Poor's and Baa2 by Moody's.

This operation allows Saint-Gobain to replace a Euro 2 billion facility otherwise maturing in November 2011 and to reduce from Euro 2 billion to Euro 1 billion another credit facility maturing in June 2013. It therefore reinforces the Group's strong liquidity for the next 5 years.

* Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, Citi, Credit Agricole Corporate & Investment Bank, Credit Mutuel - CIC, Commerzbank, HSBC, Intesa SanPaolo, JP Morgan, Mizuho, Natixis, The Royal Bank of Scotland, Banco Santander, Societe Generale Corporate & Investment Banking and Unicredit are Mandated Lead Arrangers and Bookrunners. BBVA, Danske Bank, Deutsche Bank, Goldman Sachs, ING et Nordea are Mandated Lead Arrangers and PNC Bank is an Arranger. Credit Agricole Corporate & Investment Bank is Agent of the Facility.

About Saint-Gobain

Located in 64 countries with over 190,000 employees, Saint-Gobain, the world leader in the habitat and construction markets, designs, manufactures and distributes building materials, providing innovative solutions to meet growing demand in emerging and mature countries, for energy efficiency and for environmental protection.

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SOURCE Saint-Gobain