LONDON, Dec 17 (Reuters) - French drugmaker Sanofi has completed an 8 billion euro refinancing of its two syndicated revolving credit facilities, the company said in an email on Wednesday.
The refinancing occurred in the normal course of business and improves the cost of the company’s funding while extending the average maturity of the facilities, Sanofi said.
A 3 billion euro credit line, which was due to mature in December 2014 has been replaced by a new 4 billion euro credit facility that will run for five-years, plus two one-year extension options.
Meanwhile, an existing 7 billion euro facility, which was due to mature in December 2018, has been amended and reduced to 4 billion euros, also with a refreshed 5+1+1-year maturity.
Banks participating in the refinancing are Bank of America Merrill Lynch, BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, Barclays, Citigroup, Credit Agricole CIB, Deutsche Bank, HSBC Bank, ING Bank, JP Morgan, Morgan Stanley, Natixis, Royal Bank of Scotland, Santander, Societe Generale and Unicredit, according to Thomson Reuters LPC data.
Sanofi is rated AA by Standard & Poor‘s, A1 by Moody’s and AA- by Fitch. (Editing by Christopher Mangham)