Linde has a EUR 2.5 bn syndicated revolving credit line at its disposal. The facility was originally due to expire in 2018 but had two options to extend the facility, in each case by one year (subject to the agreement of the lenders). After the first extension in 2014, Linde successfully exercised in mid-2015 the second option to extend the facility until July 2020. The facility was arranged with 33 German and international financial institutions without any financial covenants. It also serves as back-up for Linde’s EUR 2 bn Commercial Paper Programme. With this credit facility, the Group continues to have a long-term liquidity reserve and a high level of flexibility in its financing.