UCB announced that it has renewed its € 1bn credit facility with improved terms.
The amendment resulted in an extension of the maturity from 2015 to 2016, reduced margin and removal of all financial covenants.
As a result of the improvement in the general loan market earlier this year, the company went into negotiations with its core banks. The amendment was oversubscribed by more than 50%.
The news does not trigger changes to our rating or target price.