Tognum secures long-term financing
Posted on August 09, 2012
The specialist for propulsion and power solutions Tognum has recently concluded an agreement with a bank consortium for a revolving credit line of €300 million.
- Consortium of eight banks grants credit line of €300 million
- KfW IPEX-Bank and European Investment Bank to finance R&D activities
Friedrichshafen, August 9, 2012. The specialist for propulsion and power solutions Tognum has recently concluded an agreement with a bank consortium for a revolving credit line of €300 million. The credit line has a term of five years. In addition to Commerzbank as the coordinator, seven other banks are involved. Tognum will redeem the consortium financing that was agreed during the IPO in 2007 accordingly in the next few days.
In the last few months, Tognum also received loans totalling €200 million for research projects from the European Investment Bank (EIB). In addition, KfW IPEX-Bank will finance R&D activities amounting to €50 million. The contract was signed quite recently.
“Tognum was able to secure the currently favourable interest rate for a long-term basic financing agreement,” explains Dieter Royal, CFO of Tognum AG. “The company thus has solid financing and is well prepared for the future.”