Danish shipping and energy group A.P. Moller-Maersk is readying syndication of a self-arranged, five-year multi-billion dollar loan refinancing, banking sources said on Thursday.
The company joins the growing list of European corporates seeking to take advantage of the lower pricing and longer maturities currently available in the loan market to push out maturities on their existing debt.
Moller-Maersk has a $6.5 billion revolving credit facility that is due to mature in July 2012, according to Thomson Reuters LPC data. The company also self-arranged a $3.13 billion forward start loan in 2009 to extend part of the larger financing to 2014 at maturity.
A spokesman for Moller-Maersk declined to comment.
The company joins the growing list of European corporates seeking to take advantage of the lower pricing and longer maturities currently available in the loan market to push out maturities on their existing debt.
Moller-Maersk has a $6.5 billion revolving credit facility that is due to mature in July 2012, according to Thomson Reuters LPC data. The company also self-arranged a $3.13 billion forward start loan in 2009 to extend part of the larger financing to 2014 at maturity.
A spokesman for Moller-Maersk declined to comment.