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Continental says refinancing will continue

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Continental AG officials say the company is launching a further component of its refinancing package.

The company has mandated that a banking consortium, led by Citi and the Royal Bank of Scotland, offer and sell euro-dominated notes to qualified international investors.

"With an issue of at least 500 million euros, the benchmark bond planned will have a maturity of no less than five years. A final decision as to the issue volume and conditions will be made upon conclusion of an investor road show."

Continental Chief Financial Officer Wolfgang Schafer says the continuing positive trend "in automotive markets, as well as the current situation in financial markets, enables us to move ahead with the refinancing strategy we initiated in 2009. This first placement of a euro benchmark will further improve our debt maturity profile."

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