Example of syndication

The Geberit Group is the European market leader in sanitary technology and has a global approach, operating in some 40 countries through representatives. The product range for new builds and renovation includes sanitary and piping systems.

The Group reported sales of some CHF 1.9 billion in 2005. It employs a worldwide workforce of around 5,200, of which almost 1,000 are located in Switzerland. The business group is rated “BBB/positive” by S&P (as at April 2006).

At the end of 2005 which was ahead of schedule, UBS successfully extended a syndicated CHF 400 million funding package set up in 2003 and adjusted it for current market conditions for borrowers of this rating class. UBS provided some of the underwriting for the Group to guarantee a smooth syndication process. This refinancing package was successfully placed through this underwriting within the existing group of relationship banks.