Propulsion and energy system specialist Tognum situated in Friedrichshafen, Germany, has signed[ds_preview] a contract with a bank consortium about a revolving line of credit amounting to 300 mill. €. The credit line runs for five years. In addition to the Commerzbank as a coordinator seven other banks are involved. Syndicated financing as agreed following going public in 2007 is replaced by Tognum in the next few days. Over the past few months Tognum has already been granted credit of 200 mill. € for research projects by the European Investment Bank EIB. Furthermore, KfW IPEX-Bank signed a contract with Tognum these days for further research and development activities with 50 mill. €. »Tognum succeded in securing a long-term basic funding at the current favourable interest rate«, Dieter Royal, Chief Financial Officer of Tognum, said. »The company is therefore soundly financed and best prepared for the future«, he continued.
