HeidelbergCement agreed with banks on improving credit conditions

Byswb

Updated Tue, 23 Nov 2010 00:00:00 GMT

German cement maker HeidelbergCement AG (HEI.XE) and its core banks have agreed on better terms for a EUR3 billion syndicated credit facility concluded in April 2010, HeidelbergCement said Monday.

MAIN FACTS:

-The amendment agreement, effective immediately, includes a reduction in credit margins of up to 100 basis points, depending on the ratio of net debt to earnings before interest, taxes, depreciation and amortization.

-The favourable credit terms reflect the recent positive development of the performance of HeidelbergCement and are another step in the company's cost reduction program, HeidelbergCement said.