EQS-News: Vitesco Technologies Group AG / Key word(s): Financing/Miscellaneous
In volatile market environment, successful refinancing concluded with better conditions
Regensburg, November 10, 2022. Vitesco Technologies, a leading international developer and manufacturer of state-of-the-art powertrain technologies for sustainable mobility, has successfully concluded a new €800 million revolving credit facility (RCF) with ESG-Link. By coupling the line of credit with a sustainability component, the credit margin is also linked to the degree to which two sustainability criteria are met. These include the reduction of greenhouse gas emissions and the frequency of occupational accidents in the company. The credit line can be used for general corporate purposes. The term is five years and includes options for extending the maturity date by up to two years.
“The improved terms and conditions have enabled us to further improve our future financing conditions in an increasingly difficult and volatile environment,” says CFO Werner Volz.
With this new RCF, Vitesco Technologies replaces the post Spin-off financing of ultimately €800 million that the company raised about a year ago.
The financing was arranged by Deutsche Bank AG, ING Bank, JP Morgan SE, Landesbank Baden-Württemberg, and Unicredit Bank AG, and syndicated among an extended group of banks.
Vitesco Technologies is a leading international developer and manufacturer of cutting-edge drive systems for sustainable transport solutions. With the help of intelligent system solutions and components for electric, hybrid, and internal combustion drive systems, Vitesco Technologies makes clean, efficient, and affordable transport a reality. The product portfolio includes electric drives, electronic control units, sensors and actuators, and exhaust aftertreatment solutions. In 2021, Vitesco Technologies generated sales of €8.3 billion. It employs nearly 37,000 people at around 50 sites. Vitesco Technologies is headquartered in Regensburg.
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Phone: +49 (0)941 2031-61904
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Phone: +49 (0)941 2031-61302
10.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
Vitesco Technologies Group AG
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