June 10, 2010

Evonik agrees new US$1.8 billion credit facility

Evonik Industries AG successfully completed the refinancing of its present EUR2.25 billion (US$2.69 billion) credit facility on June 8, 2010; the total volume of the new facility has been reduced to EUR1.5 billion (US$1.8 billion) thanks to the cash inflow from the placement of a EUR750 million (US$896 million) bond in October 2009.

The new credit facility comprises three EUR500 million (US$597 million) tranches, running for two, three and five years respectively.

This unsecured credit line provides general financing for the Evonik Group's business and forms an integral part of its financing strategy. Together with the Group's liquid funds, it provides the necessary financial leeway and represents a key element in the financing of the Evonik Group.

The credit facility was heavily oversubscribed. "The success of this transaction is further evidence of Evonik's strength on the debt market," said Evonik's chief financial officer Dr. Wolfgang Colberg. The syndicate comprises 25 German and international banks and underscores the confidence placed in Evonik as a global corporation.