LEVERKUSEN, Germany — Covestro has successfully signed a contract with its 16 core banks for a new syndicated revolving credit facility for €2.5 billion with a term of five years plus two one-year extension options, effective as of March 17, 2020. The facility can be drawn in different currencies and will be used as a standby backup liquidity reserve.
The new facility replaces the existing €1.5 billion revolving credit line, which was also a backup liquidity facility. It provides Covestro with additional financial flexibility and increased liquidity reserves on favorable terms.