(Updates with facility details in second paragraph.)
Dec. 19 (Bloomberg) -- Carlsberg A/S, the world’s fourth- biggest brewer, signed an 800 million-euro ($1 billion) five- year revolving credit facility to replace existing borrowing.
The self-arranged funding extends the Copenhagen-based brewer’s maturity profile and will be used for general corporate purposes, Carlsberg said in a statement today. The credit line replaces a 1.42 billion-euro facility signed in 2005, which was reduced to 1.22 billion euros in 2008, the company said.
The owner of brands from Kronenbourg to Tetley’s and Tuborg got nine banks to provide the financing, with Citigroup Inc., Danske Bank A/S, Svenska Handelsbanken AB, Nordea Bank Ab and Royal Bank of Scotland Group Plc acting as mandated lead arrangers and bookrunners. The lenders offered to provide more financing than was sought, Carlsberg said.
Money in a revolving credit can be borrowed again once it’s repaid; in a term loan, it can’t.
--Editors: Andrew Reierson
--Editors: Andrew Reierson, Paul Armstrong
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