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KPN improves terms of EUR 1.5 billion credit facility
Den Haag, 17-8-06
KPN has signed a new and improved EUR 1.5 billion credit facility, maturing in August 2013, which replaces the existing facility (maturing in August 2009).
CFO Marcel Smits said: "We are pleased that we have been able to renegotiate the existing facility with our core relationship banks and that we now have a 7 years credit facility in place with favourable commercial terms, credit to our solid financial position."
The most notable improvements are:
- Extension of the maturity date from August 2009 to August 2013
- Lower interest rate margin (from currently 0.325% to 0.175%) over Euribor and lower commitment fee
- Interest rate margin no longer linked to KPN credit rating
This facility replaces the existing EUR 1.5 billion credit facility, which was signed in August 2004. The credit facility can be used for general corporate purposes, working capital or refinancing of indebtedness of KPN and/or subsidiaries.
The Mandated Lead Arrangers on the transaction are ABN AMRO (Bookrunner), Bank of America, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Fortis, HVB (member of the Unicredit Group), ING Bank N.V. (Bookrunner), J.P. Morgan plc (Bookrunner), Rabobank and The Royal Bank of Scotland plc.
