Autoneum has signed a new loan agreement with a syndicate of banks led by UBS Group AG and Credit Suisse Group AG, both Zurich/Switzerland. This loan agreement replaces with immediate effect the existing syndicated loan, which was due to run until December 31, 2022.
The credit line specified under the new agreement remains at CHF 350 million and includes a substantial financial reserve for Autoneum Holding Ltd., Winterthur/Switzerland. The main provisions of the previous loan agreement also apply unchanged to the new loan agreement, which runs for 5 years until October 31, 2027.
Autoneum has managed to further strengthen its financial stability over the last 3 years despite the corona crisis and a challenging environment in the automotive industry. Positive cash flow development over the past 2 years has enabled the company to continuously reduce net debt since 2020. With the syndicated loan, the Group’s liquidity and long-term financing continue to be sustainably secured through a broad-based syndicate of 12 banks.