Cologne. To ensure its financial flexibility and independence, REWE Group signed a syndicated credit line amounting to €1 billion with a consortium of banks comprising Commerzbank, DZ Bank, ING and SEB.
“This loan supplements an existing credit line of €2 billion, which runs until 2024, as an undrawn reserve line,” says Dr Christian Mielsch, Chief Financial Officer at REWE Group. “REWE Group can flexibly use the new credit line over the next 15 months. Thanks to this measure, our company currently has total liquidity reserves amounting to over €2.5 billion at its disposal and is prepared for all possible financial challenges that might arise as a result of this crisis.”
“We were very pleased with the high level of support from our core banks who have placed their trust in the financial strength and business strategy of the REWE Group,” adds Mielsch, thanking the members of the banking consortium.