The Austrian fiber manufacturer Lenzing AG has strengthened its financial base. On Thursday, the group announced that it had agreed a new financing through a syndicated loan of 545 million euros. This step strengthens “the company’s liquidity reserve with regard to upcoming refinancing,” said Lenzing.
According to the company, the new financing package “a final loan with a term of three years in the amount of 355 million euros and a revolving loan of 190 million euros. With a term of three years with extension options of two years”. The donor is a consortium of well -known banks, which includes Commerzbank AG, Erste Group Bank AG, Raiffeisen Bank International AG, BNP Paribas and Unicredit Bank Austria AG.
Nico Reiner, the Chief Financial Officer (CFO) from Lenzing, paid tribute to the agreement. “Successful financing on attractive conditions in the currently uncertain market situation are a strong vote of trust and a clear confirmation of our good position on the global fiber market,” he said in a statement. “With this successful financing we strengthen our financial basis and further expand our position as a leading integrated fiber company.”