Leverkusen, Germany -- Bayer AG has signed a Euro 3500 million ($4900 million) revolving credit facility, the German group said in a 2 Mar statement.
The facility refinances the company's existing revolving credit facility, which was signed in Mar 2005 but has never been drawn.
The company said the new credit line will last for five years with an option for two 1-year extensions. BNP Paribas, Deutsche Bank and the Royal Bank of Scotland acted as coordinators for the arrangement of the facility, Bayer added.
Bayer also noted that the credit line closed "significantly oversubscribed" and that in total, 29 institutions committed to the facility.