Sartorius agrees new long-term financing deal

Sartorius has signed a new long-term syndicated loan agreement with an international bank syndicate led by BNP Paribas, Commerzbank and LBBW.

This new agreement will provide the company with access to 400 million euros (313.22 million pounds) over the next five years and replaces its two previous separate credit contracts ahead of schedule.

Sartorius is currently seeking to consolidate credit lines for financing across the entire group. Until this point, one of the former credit lines taken out had been available only to the Sartorius Stedim Biotech division.

The attractive terms of the new loan were attributed to a low-interest environment and the strength of the banks in question, but also to the positive prospects Sartorius is now enjoying.

Jorg Pfirrmann, chief financial officer and member of the executive board of Sartorius, said: "The new credit agreement enables us to invest flexibly in our various business areas and provides leeway for taking further strategic measures."

This comes after the company agreed a deal to sell off its industrial technologies division to Minebea earlier this month, a transaction designed to help improve its focus on core activities.