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Schaeffler AG optimizes capital structure

(PresseBox) (Herzogenaurach, ) .
- New credit lines of €8.0 billion agreed
- Maturity profile improved
- Enlarged banking consortium with eight renowned banks
- First time rating by Standard & Poor's and Moody's
- Bond issuances of approx. €2.0 billion planned

On January 27 Schaeffler AG completed a new credit agreement of €8.0 billion with eight banks. The new agreement replaces the existing November 2009 credit financing. As a result, the maturity profile of the financial liabilities at the level of the operating business will improve significantly and the debt financing structure will be further optimized. The improved capital structure gives Schaeffler additional headroom for the further successful development of the group.

The new credit lines of €8.0 billion replace the existing credit lines of €7.7 billion, which would have been in place until June 2014. The new credit arrangement includes Term Loans in the amount of €7.0 billion and a Revolving Credit Facility in the amount of €1.0 billion. The Term Loans have staggered maturities of up to five years. The company plans to replace loans of approx. €2.0 billion through the issuance of corporate bonds in the short to medium term. In addition to the envisaged bond issuances it is intended that the loan will be syndicated to further banks and institutional investors.

In course of the refinancing, the existing consortium of four banks was extended to a total of eight. The new banking consortium comprises BNP Paribas, Commerzbank, Deutsche Bank, HSBC, JP Morgan, LBBW, Royal Bank of Scotland and UniCredit.

"With the loan agreement signed today and our planned issuance of bonds we will diversify our funding sources and put our financing on a more sustainable and broader basis," said Klaus Rosenfeld, CFO of Schaeffler AG.

In preparation of the refinancing, Schaeffler AG's credit rating has been assessed by two leading international rating agencies. The ratings will be released shortly by Standard & Poor's and Moody's.

"The new financing package ensures our operational flexibility. We thus lay the foundation for further long-term profitable growth," said Dr. Juergen M. Geissinger, CEO of Schaeffler AG.

Background Information:

In August 2009, the Schaeffler Group had agreed a basic financing concept with its banks in course of which the Group's liabilities on the holding company level and on the operational level were split. Further it was agreed to convert Schaeffler Group to a corporation.

In March 2011, the leverage on the company's holding level was reduced and the financing terms were significantly improved. Since October 2011, the Schaeffler Group enterprises operate under Schaeffler AG.

With the new credit agreement concluded today, the company sets the course for the further successful strategic development of the Schaeffler Group.

Please find further information on our website: www.schaeffler-gruppe.de/ir

About Schaeffler AG

The Schaeffler Group with its brands INA, FAG and LuK is a leading manufacturer of rolling bearings and linear products as well as a renowned supplier to the automotive industry of high-precision products and systems for engines, transmissions and chassis applications. The group of companies stands for exceptional customer focus, innovative ability and the highest possible level of quality. Sales of around €9.5 billion were generated at over 180 locations in more than 50 countries in 2010. With over 70,000 employees worldwide, the Schaeffler Group is one of the largest German and European industrial companies in family ownership.

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