LNG player GDF Suez said it has signed a five-year €5 billion multi-currency credit line with a syndicate of 25 banks. The 5 year facility, which includes two one-year extension options, will be used for early refinancing of two undrawn credit lines expiring in 2014 and 2015. GDF Suez was able to seize particularly favorable market conditions, improving significantly the cost of this liquidity thanks to a fixed margin of 20 bps, the company said in a statement.

The transaction was 40% oversubscribed, showing once again the attractiveness of the Group and the trust granted by its banking partners. The pool of banks is well spread geographically, through the involvement of Eurozone banks (~50%), Anglo-Saxon banks (~35%), as well as Japanese and Chinese banks.

Isabelle KOCHER, Executive Vice-President, Chief Financial Officer, comments : “This early refinancing enables the Group to maintain and extend an extremely robust liquidity while reducing its costs. Besides, the geographical diversity of our pool of banks will enable the Group to support its worldwide industrial growth strategy.”