German tire maker, Continental, has secured a credit facility refinancing worth €6 billion, Reuters reports. The proceeds from the new credit line will be used to reduce the borrowing costs of the company. The refinancing has been split into three tranches - a €635 million term loan which matures in August 2012, a €2.875 billion, three-year term loan and an undrawn €2.5 billion, three-year revolving credit line. The lead arrangers of the loan were Citigroup and Deutsche Bank.
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