Grob-Werke GmbH & Co KG, a German manufacturer of metal cutting machine tools, increased the size of a loan facility signed last July to 550 million euros ($726 million) from 290 million euros.
The facility includes an increased 200 million-euro revolving credit, a larger 300 million-euro guarantee facility and an unchanged 50 million-euro term loan, according to an e- mailed statement from coordinator UniCredit SpA. (UCG) The five-year debt’s maturity remains July 2016 and the pricing is the same, lenders said.
The loans will be used for general corporate purposes, the Mindelheim-based company said last year, and to issue letters of credit which are typically used to ensure payments in international trade finance.
UniCredit was joined in syndication by 10 banks, including Deutsche Bank AG as bookrunner, according to the statement.
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