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Continental AG reports having already successfully completed the first “key steps” of its overall plan to improve its current financing structure and capital structure following the signing of loan agreements on Dec. 19.

The German tire and automotive components supplier states that “important” amendments have been made to the existing loan agreements, allowing for the repayment of the 3.5B euro tranche due in August 2010 inter alia by a forward start facility (FSF) while also providing further flexibility. At the same time, the company has received FSF commitments in excess of the requested 2.5B euros, which has resulted in an over-subscription of their bank group’s request.

With the successful conclusion of negotiation with the banks, Conti says the next step in its refinancing is to implement the integrally related capital increase. This increase has anticipated gross proceeds of at least 1B euros. Continental’s ability to draw under the FSF is conditional upon the successful implementation of such a capital increase. As already announced, Conti intends to implement the capital increase in the first quarter of 2010. Subsequently, the company plans to assess and – if appropriate – implement further measures on the financial markets with a view to further optimizing maturity terms.

Read the full story at tirereview.com.

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