The exceptional support of REWE Group core banks initially agreed on financial commitments of 2.6 billion euros. The loan agreement with an international consortium of 21 banks has a five year term and provides two extension options for one year respectively. With this financing, the previous line of credit of 2 billion euros, due in June 2014, could be reimbursed early.
“The reissuing of the syndicated loan has enabled us to guarantee a solid liquidity reserve for the next seven years,” said Dr. Christian Mielsch, CFO of REWE Group. “We were delighted with the high level of support through which our partner banks have expressed their confidence in the financial strength and business strategy of REWE Group. Intensive contact to our bank partners in such a self-arranged process proved highly valuable.”
Dr. Klaus Wirbel, CFO at REWE Group, is more than satisfied with the development and the results of the arrangement process. “With the early refinancing, we benefit from the currently favourable financing environment for companies with investment grade rating and were able to agree on an attractive loan margin of 70 basis points for a term of seven years.”
During the transaction, REWE Group worked with Commerzbank Aktiengesellschaft, The Bank of Tokyo-Mitsubishi UFJ and UniCredit Bank AG as coordinators and 11 further bookrunners and MLAs composed of BNP Paribas, Citi, DZ Bank, Erste Group Bank, Helaba, HSH Nordbank, ING, Intesa Sanpaolo, LBBW, Raiffeisen Bank International and SEB. BayernLB, Crédit Mutuel CIC, CSOB, HSBC, JP Morgan, KfW IPEX-Bank and Société Générale have also participated in this transaction as arrangers.
The cooperative REWE Group is one of the leading trade and tourism groups in Germany and Europe. In 2012, the company generated a total external turnover of around 50 billion euros. REWE Group, founded in 1927, operates 15,500 stores with 327,000 employees in 13 European countries. In 2012, around 226,000 employees generated sales totalling 36 billion euros in about 11,000 stores in Germany.
Our sales lines include supermarkets and consumer stores under the REWE, REWE CENTER, REWE CITY, toom and BILLA brands, the PENNY discounter brand, toom Baumarkt DIY stores and B1 discount DIY stores. Under the umbrella of DER Touristik, Travel and Tourism includes the tour operators ITS, Jan Reisen and Tjaereborg, as well as Dertour, Meier’s Weltreisen and ADAC Reisen, and the business travel division FCm Travel Solutions with over 2,100 travel agencies (including DER Reisebüro, DERPART), and the hotel chains lti hotels, Club Calimera and PrimaSol Hotels, and the direct tour operator clevertours.com.
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