- Credit line was not used at any time
- Credit facility from banks expanded by €75 million
Cologne, September 7, 2021 – In light of its improved business situation, DEUTZ has ended the €150 million credit line early that was granted to it with the assistance of Germany’s KfW development bank. The term of the ‘COVID-19 tranche’ would have originally lasted until November 2021.
In addition to the existing syndicated loan of €160 million with a term until June 2024, DEUTZ has secured further credit lines totaling €75 million from three banks on standard commercial terms for a duration of 18 months.
The Company is currently making only limited use of the available credit facility. The COVID-19 tranche provided by KfW was not used by DEUTZ at any point.
“The credit lines available to us, which have now been expanded, provide us with sufficient financial headroom. This has put us in a position where we can end the COVID-19 tranche early. The significant improvement in our earnings situation that we anticipate in the 2021 annual accounts will allow us to restructure our long-term financing arrangements next year,” says Dr. Sebastian C. Schulte, CFO of DEUTZ AG.