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Randstad reported Friday morning that it has secured a loan in the form of a syndicated credit facility with a group of Japanese banks. The credit facility amounts to around €80 million (JPY 8 billion) and will mature in three years.
The transaction is part of the refinancing of the existing credit facility of €1.8 billion.
Firms use their credit facilities to borrow money and when a facility is backed by a group of lenders, this is known as a syndicated credit facility.
“Following this transaction, the committed refinancing now stands at around €1.6 billion. We remain confident to refinance the remaining part as soon as possible,” the firm said in a message to shareholders today.
Randstad is the second-largest staffing firm in the world. But the recruiter has been hit by the European slowdown and has continued cost reduction measures, including job cuts in Germany, France and the Netherlands.