ABB signs credit facility to cover liquidity needs

ABB has signed a $ 1.5 bn credit facility to cover its liquidity needs over 2003 and 2004, the group said. The credit facility is secured by a package of ABB's assets, including the oil, gas and petrochemicals division which ABB hopes to sell in 2003.

It is a one-year revolving credit facility for $ 1.5 bn, with a further one-year term-out feature. This term-out grants ABB an option to retain up to $ 750 mm in borrowings under the facility, repayable in 2004.
The credit facility replaces one which expired. The arranging banks and underwriters were Barclays Capital, Citigroup, Credit Suisse Group's CSFB and HypoVereinsbank.