UCB amends revolving credit facility

UCB has announced changes to the terms of its revolving bank credit facility.

The size of the global biopharmaceutical company's facility will be reduced from 1.5 billion euros to one billion euros, with the maturity extended from 2012 to 2015.

UCB said these amendments will bring the loan in line with the improved current investment grade terms.

"We are very pleased to have successfully improved the main terms of our existing facility," commented Detlef Thielgen, chief financial officer at the firm.

He added that all existing banks had signed up to the amendment, emphasising "the confidence which the loan markets have in UCB".

BNP Paribas Fortis, Commerzbank and Mizuho Corporate Bank have been appointed joint bookrunners on the loan.

UBC announced the signing of the initial credit facility for 1.5 billion euros in December 2009.

It said the purpose of the arrangement was to refinance the four billion euro banking facility it arranged in connection with the acquisition of Schwarz Pharma in 2006.