Clariant, a world leader in specialty chemicals, has successfully signed a new unsecured CHF 500 million five-year multicurrency revolving credit facility with two one year extension options. The unsecured credit facility has been structured as a club deal and contains an accordion option to increase the facility up to CHF 600 million. The syndicate consists of a key relationship bank group comprising Citigroup Global Markets Limited (Coordinator), The Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas (SUISSE) SA, Commerzbank Aktiengesellschaft, Filiale Luxemburg, Credit Suisse (Switzerland) Ltd., Deutsche Bank Luxembourg S.A., Landesbank Hessen-Thüringen Girozentrale, Landesbank Baden-Württemberg, SEB AG and UBS Switzerland AG as mandated lead arrangers and bookrunners.
The revolving credit facility is structured as a "back-stop" facility for rating purposes to maintain Clariant's liquidity headroom. The facility works as safeguard and allows more efficient cash usage implying a reduction of financing costs of around CHF 3 million per annum.
Baker McKenzie advised Clariant in connection with the structuring and documentation of the CHF 500 million Swiss law governed multicurrency revolving credit facility. The Baker McKenzie team consisted of Beat M. Barthold (Partner, Corporate / M&A), Philip Spoerlé (Associate, Corporate Finance / Capital Markets) and Andrea Bolliger (Associate, Tax).