GRAMMER AG, automotive supplier and manufacturer of seating systems, has agreed with a group of six banks, supported by a program of the German KfW-bank on a new medium-term working-capital facility. The new line of credit has a volume of 110 million Euros and will be available for three years. Compared to the existing credit facility, the new line of credit has been increased by 20 million Euros or more than 20 percent.
In addition to this new line of credit, GRAMMER AG is still using the existing long-term debenture bond with a volume of 70 million Euros and a maturity until August 2013.
“With the higher credit volume our banks sending a clear signal of trust in the financial solidity and future profitability of GRAMMER. Now our company cansecure future projects and investments and we are able to fund the growth in the next years”, said the CFO of GRAMMER AG, Alois Ponnath.