Compagnie de Saint-Gobain signed a revolving credit facility for an amount of EUR 3BN with a large group of 24 banks on 8 December 2010; the facility matures in December 2015. The operation was significantly oversubscribed at EUR 3.5BN, enabling Saint-Gobain to increase the size of the facility to EUR 3BN from EUR 2BN at launch, which underlines banks' confidence in the credit quality of Saint-Gobain. Reflecting improved market conditions the initial margin of this facility is set at 75 basis points, based on Saint-Gobain's long-term senior debt being currently rated BBB by Standard & Poor's and Baa2 by Moody's. This operation allows Saint-Gobain to replace a EUR 2BN facility otherwise maturing in November 2011 and to reduce from EUR 2BN to EUR 1BN another credit facility maturing in June 2013. It therefore reinforces the Group's strong liquidity for the next 5 years.
